Types Of Economic System - Economics Jamb Past Questions and Answers

Question 11 :

• JAMB 1978

Which of the following activities of government precludes the existence of a market economy?

A. The imposition of taxes
B. The control of the location of industry
C. The central planning of production
D. The fixing of maximum price for all necessities
E. The establishment of law requiring the registration of business firms

Question 12 :

• JAMB 1980

In a free market economy, the rationing of scarce goods is done principally by

A. The government
B. Business organizations
C. The price mechanism
D. Consumers
E. Both A and B

Question 13 :

• JAMB 1981

An economy in which both the public and the private sectors contribute substantially to the growth of output is?

A. A socialist economy
B. A capitalist economy
C. A mixed economy
D. An industrial economy
E. A peasant economy

Question 14 :

• JAMB 1983

Mono production economies are those that?

A. Have a rich cultural heritage
B. Produces only raw materials
C. Live from the export of their raw product
D. Produce one main commodities
E. Specialized in agricultral industries

Question 15 :

• JAMB 1985

In market economies, resources are allocated through the?

A. Government authorities
B. Price system
C. Banking system
D. Central planning bureau
E. Revenue allocation formula