Economic Systems - Jamb Economics Past Questions and Answers

Question 36:

• 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 37:

• 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 38:

• 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

Question 39:

• 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 40:

• 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