Centrally planned economy - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2016

Public ownership of productive factors is a feature of_______?

A. Socialism
B. Capitalism
C. Feudalism
D. Mixed economy

Question 3:

• JAMB 2014

The choice of how to produce in a command economy is determined by

A. Government
B. Consumer
C. Industrialists
D. Labour unions

Question 4:

• 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

Question 5:

• 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