Economic Systems - Jamb Economics Past Questions and Answers

Question 21:

• 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

Question 22:

• 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 23:

• 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 24:

• 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 25:

• JAMB 1989

Government intervention in an economy is often justified on the group that?

A. Wants are unlimited while resources are scarce
B. Productivity is higher in the public than in the private sector
C. Free market may not work, or produce desirable results
D. Opportunity cost of government expenditure is zero