Economic Systems - Jamb Economics Past Questions and Answers

Question 26:

• 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 27:

• 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 28:

• JAMB 1992

Which of the following is applicable in a wholly capitalist economy?

A. There is government intervention in price determination
B. Consumer sovereignty does not exist
C. The price mechanism allocates resources
D. Households cannot freely decide what to spend on goods and services

Question 29:

• JAMB 1993

A system in which the means of production is held in trust for the people by government is known as a?

A. Socialist economy
B. Capitalist economy
C. Subsistence economy
D. Mixed economy

Question 30:

• JAMB 1994

In a mixed economy, decisions to produce are taken by?

A. Men and women acting in their own best interest
B. The government acting in the interest of the country
C. The market women, the labour unions and the employers association
D. Private individuals, organization and the government