Economic Systems - Jamb Economics Past Questions and Answers

Question 16:

• 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 17:

• JAMB 1983

Retailers in an economy perform the function of

A. Production
B. Exchange
C. Distribution
D. Horading
E. Investment

Question 18:

• 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 19:

• JAMB 1984

The main economic objective behind the production of goods and services in any economy is to?

A. Maximize profits
B. Satisfy human wants
C. Become self reliant
D. Create job opportunities
E. Make people wealthy

Question 20:

• JAMB 1984

The main economic objective behind the production of goods and services in any economy is to?

A. Maximize profits
B. Satisfy human wants
C. Become self reliant
D. Create job opportunities
E. Make people wealthy