Types Of Economic System - Economics Jamb Past Questions and Answers

Question 36 :

• JAMB 2004

A major characteristic of a mixed economy is that

A. Economic decisions are made by both the rich and the poor
B. Both primary and secondary production are undertaken
C. The federal and the state governments undertaken joint projects
D. Economic activities are undertaken by both the public and private sectors

Question 37 :

• JAMB 2005

Economic freedom is a basic feature of economy

A. An industrialized economy
B. A planned economy
C. A developed economy
D. A market economy

Question 38 :

• JAMB 2007

An economic system in which the producer and the consumer are the same is referred to as a

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

Question 39 :

• JAMB 2007

An economic system in which the producer and the consumer are the same is referred to as a

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

Question 40 :

• JAMB 2009

A typical feature of a market economy is that

A. All producers make profit
B. Full employment exists
C. Consumer sovereignty exists
D. There is equality of economic agents