Types Of Economic System - Economics Jamb Past Questions and Answers

Question 31 :

• JAMB 2000

In a free market system, trading can only take place when the?

A. Market is not working effectively
B. Equilibrium price is attained
C. Price of a commodity tends to attract consumers
D. Consumers sovereignty is lacking

Question 32 :

• JAMB 2001

In a free market economy, the price system allocates resources?

A. Under government's directives
B. To ensure general welfare
C. To their best alternatives
D. To reduce poverty

Question 33 :

• JAMB 2001

The capital market is a market for trading of financial assets such as?

A. Bankers' acceptances
B. Treasury bills
C. Long-term securities
D. Commercial papers

Question 34 :

• JAMB 2002

In a centrally planned economy, the economic problem of deciding what to produce is dependent on?

A. Average profit
B. State command
C. Average cost
D. Relative prices

Question 35 :

• JAMB 2003

In a planned economy, the emphasis is on

A. Public ownership and control
B. Prices and competition
C. Individual choices and decisions
D. Private ownership and control