Types Of Economic System - Economics Jamb Past Questions and Answers

Question 41 :

• JAMB 2012

A major disadvantage of a socialist economy is that

A. Corruption is rampant
B. Consumer's sovereignty is lost
C. Income inequality is entrenched
D. There is high level of unemployment

Question 42 :

• JAMB 2012

A major disadvantage of a socialist economy is that

A. Corruption is rampant
B. Consumer's sovereignty is lost
C. Income inequality is entrenched
D. There is high level of unemployment

Question 43 :

• JAMB 2013

An economy in which both the public and private sectors contribute to economic growth is as

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

Question 44 :

• JAMB 2020

Collectivism refers to the management of state enterprises in a?

A. Mixed economy
B. Co-operative organizations
C. Capitalist economic system
D. Socialist economy

Question 45 :

• JAMB 2021

In a free market economy. the rationing of scarce goods is done principally by ____________

A. Consumers
B. The government
C. The price mechanism
D. All of the above