Economic Systems Generix Content - Economic Systems
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"Economic Systems" question number distribution across years
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JAMB questions for "Economics :: Economic Systems"
Q1
The privatization exercise in Nigeria is a move towards a
A
mixed economy
B
subsistence economy
C
market economy
D
command economy
E
Q2
The deregulation of telecommunication services in Nigeria is a characteristic of
A
command economy
B
traditional economy
C
market economy
D
feudal economy
E
Q3
The choice of what to produce in a command economy is determined by
A
the government and labour unions
B
industrial establishments
C
the central government
D
labour unions
E
Q4
An economic system in which the producer and the consumer are the same is referred to as a
A
capitalist economy
B
mixed economy
C
socialist economy
D
subsistence economy
E
Q5
Economic freedom is a basic feature of
A
a market economy
B
an industrialized economy
C
a planned economy
D
a developing economy
E
Q6
A major characteristic of a mixed economy is that
A
economic decisions are made by both the rich and the poor
B
economic activities are undertaken by both the public and private sectors
C
the federal and the sate governments undertake joint projects
D
both primary and secondary production are undertaken
E
Q7
In 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
E
Q8
A major problem facing all economies is how to
A
increase consumption of imported goods
B
improved trade among nations
C
transform from developing to developed economy
D
allocate scarce resources
E
Q9
In a capitalist economy, the economic problem of what goods to produce is decided mainly by
A
shadow prices
B
profit level
C
a central planner
D
relative prices
E
Q10
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
E
Q11
One of the economic problems of Nigeria today arises from
A
the over-utilization of human and natural resources
B
inavailability of mineral resources
C
inadequate manpower resources
D
the underutilization of human and natural resources
E
Q12
One of the fundamental differences between capitalist and a socialist economy is that while
A
the former is characterized by complete government ownership of resources, the latter is characterized by complete private ownership
B
in the former, prices act as signals in the allocation of resources, it is the central authority that performs this function in the latter
C
taxes are levied in a capitalist economy there is no taxation in socialist economy
D
income and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy
E
Q13
In a mixed economy, decisions to produce are taken by
A
men and women acting in their own best interest
B
the government acting in the interest of the country
C
the market women, the labour unions and the employers
D
private individuals, organisation and the government
E
Q14
A system in which the means of production is held in trust for the people by government is known as a
A
socialist economy
B
capitalist economy
C
subsistence economy
D
mixed economy
E
Q15
Which of the following is applicable in a wholly capitalist economy?
A
There is government intervention in price determination
B
Consumer sovereignty does not exist
C
The price mechanism allocates resource
D
Households cannot freely decide what to spend on goods and services
E
Q16
Collectivism refers to the system of management of state enterprises in a
A
mixed economy
B
co-operative organisation
C
capitalist economic system
D
socialist economy
E
Q17
Which of the following statement describes a mixed economy?
A
the government and the private sector inter act in solving the basic economic problems
B
the invisible hand solves the basic economic problems
C
The government produces an distributes all goods and services
D
Society answers that 'what' 'how' and 'for whom' questions only through the market system
E
Q18
An economy in which both the public and the private sectors contribute substantially to the growth output is
A
a socialist economy
B
a capitalist economy
C
a mixed economy
D
an industrial economy
E
a peasant economy
Q19
An economic problem arises when
A
manufactured goods are in short supply
B
money is in short supply
C
buyers are many
D
sellers are few
E
scarcity and choice are involved
Q20
In a free-market economy the rationing of scarce good is done principally by
A
the government
B
business organizations
C
the price mechanism
D
consumers
E
both (A) and (B) above