Economic Systems - Jamb Economics Past Questions and Answers

Question 31:

• JAMB 1995

The active intervention of the central authorities in the management of a country's economy rest upon the?

A. Failure of the market force to produce satisfactory result
B. Superiority of the centrally planned economy over the private enterprise economy
C. Result-oriented nature of the private enterprise economy
D. Cost-minimization strategy of a mixed economy

Question 32:

• JAMB 1995

In a free market economy, available resources are more efficiently allocated by complete reliance on?

A. Development planning
B. Strategic planning
C. Capital budgeting
D. Price system

Question 33:

• JAMB 1997

One of the features of a free market economy is that?

A. Resources are directed by the price mechanism
B. Workers do not earn equal wages
C. The profit motive is serverly constrained
D. Descisions on the economy are taken by bureaucratic structures

Question 34:

• 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 35:

• 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