Types Of Economic System - Economics Jamb Past Questions and Answers

Question 26 :

• JAMB 1997

One of the fundamental differences between a capitalist and a socialist economy is that while?

A. The former is characterized by complete government ownership of resources, the latter characterized by complete private ownership
B. In the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter
C. Taxes are levied in a capitalist economy, there is no taxation in a capitalist economy
D. Income and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy

Question 27 :

• JAMB 1998

In certain circumstances, a centrally planned economy adopts the rationing system because of?

A. The scarcity of goods and services in the market
B. Low real and money wages
C. The need for equitable distribution of goods and services
D. Transportation and distribution problems

Question 28 :

• JAMB 1999

A capitalist economy is one characterized by the?

A. Private ownership of factors of production
B. Ownership of factors of production by rich members of the society
C. Use of capital and labour in fixed proportions during production
D. Use of capital intensive methods of production

Question 29 :

• JAMB 1999

In a planned economy, what shall be produced is determined primarily by?

A. What the consumer wants
B. Government decisions
C. Price mechanism
D. The pattern of consumer spending

Question 30 :

• JAMB 2000

In a capitalist economy, the economic problem of what goods to produce is decided mainly by?

A. Shadow prices
B. Profit level
C. Relative prices
D. A central planner