Types Of Economic System - Economics Jamb Past Questions and Answers

Question 16 :

• JAMB 1986

Which of the following statements describes a mixed economy?

A. The government and the private sector interact in solving the basic economic problems
B. The invisible hand solves the basic economic problems
C. The government produces and distributes all goods and services
D. Society answers the 'what', 'how', and 'for whom' questions only through the market system

Question 17 :

• JAMB 1986

Which of the following is an important function of prices in a market economy?

A. Ensuring that resources are used in the most efficient manner
B. Ensuring an equitable distribution of goods and services
C. Ensuring that all industries are perfectly competitive in the long run
D. Equating level of purchases with level of needs

Question 18 :

• JAMB 1988

Collectivism refers to the system of management of state enterprises in a?

A. Mixed economy
B. Co-operative organization
C. Capitalist economic system
D. Socialist economy

Question 19 :

• JAMB 1991

in market economy, the question of what, how and for whom to produce are solved the

A. Elected representative of the solved
B. Planning committe
C. Price mechanism
D. Government

Question 20 :

• JAMB 1991

in market economy, the question of what, how and for whom to produce are solved the

A. Elected representative of the solved
B. Planning committe
C. Price mechanism
D. Government