Types and Basic Features of Economic Systems Generix Content - Types and Basic Features of Economic Systems
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"Types and Basic Features of Economic Systems" question number distribution across years
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WAEC questions for "Economics :: Types and Basic Features of Economic Systems"
Q1

The economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as

A

capitalist economic system

B

command economic system

C

combined economic system

D

traditional economic system

E
Q2

In a capitalist economy, resources are

A

collectively owned

B

jointly owned

C

privately owned

D

communally owned

E
Q3

An economic system where the central planning authority determines what goods to produce and in what quantity is known as a

A

market economy

B

socialist economy

C

welfare economy

D

traditional economy

E
Q4

One of the advantages of capitalism is that

A

consumers are exploited

B

private initiative is discouraged

C

efficient allocation of resources is assured

D

job security is assured

E
Q5

The economic system in which the state takes the economic decisions through detailed planning is

A

capitalism

B

socialism

C

traditional economic system

D

mixed economic system

E
Q6

A mixed economy combines the characteristic of both

A

planned and capitalist economies

B

exchange and subsistence economies

C

subsistence and planned economies

D

capitalist and exchange economies

E
Q7

In a capitalist system, goods are produced for those who

A

want them most but cannot pay for them

B

can pay for them but do not want them

C

want them and can also pay for them

D

are dependent on the labour force

E
Q8

An economy which exhibits features of both private and state enterprises is known as a

A

capitalist economy

B

mixed economy

C

communist economy

D

socialist economy

E
Q9

In a capitalist system, the means of production are owned and controlled by

A

government

B

politicians

C

private individuals

D

the workers

E
Q10

Mixed economy refers to a system in which the means of production are controlled by

A

private enterprises and the government

B

privet individuals

C

the government only

D

the workers and businessmen

E
Q11

The three major agents of an economic system are the 

A

consumers, workers and producers

B

markets, telecommunication and banks

C

schools, hospitals and universities

D

individual, firms and government

E
Q12

In a socialist economy, the means of production is owned and controlled by the 

A

state

B

rich

C

entrepreneur

D

traders

E
Q13
In which of the following economic systems is the consumer referred to as king?
A
Capitalist economy
B
Socialist economy
C
Communist economy
D
Mixed economy
E
Q14
In a socialist economy, factors of production are owned and controlled by the
A
citizens
B
businesses men
C
government
D
foreigners
E
Q15
The economic system in which the decisions about what to produce, how to produce and for whom to produce are made by private firms is called
A
socialism
B
welfarism
C
communism
D
capitalism
E
traditionalism
Q16
A major setback in any mixed economy is
A
that it combines both the capitalist and socialist systems
B
the freedom of choice in production and consumption of goods and services
C
the government intervenes to secure full utilization of resources
D
that economic decisions are determined by market forces
E
that the absence of profit motive in the public sector may reduce incentive for hard work
Q17
An economic system in which most means of production are owned and controlled by the State is known as a
A
socialist economy
B
capitalist economy
C
mixed economy
D
political economy
E
feudal economy
Q18
Which of the following economic system is in operation in Nigeria?
A
Capitalist economy
B
Socialist cum Marxist economy
C
Socialist economy
D
Capitalist and free economy
E
Mixed economy
Q19
Under the socialist economy, the decision on what the product is determined by the
A
producers
B
level of expected profit
C
price
D
government
E
preference of consumers
Q20

An economic system in which the state owns and controls the means of production is known as

A

free enterprise

B

socialist economy

C

mixed economy

D

capitalist economy

E

welfare economy

Q21

The Nigeria economy can best be described as a

A

socialist economy

B

capitalist economy

C

mixed economy

D

controlled economy

E

domestic economy

Q22

The greatest disadvantage of the barter system is the need for

A

durability

B

divisibility

C

homogeneity

D

double coincidence of wants

E

portability

Q23

Nigeria indigenization decree was promulgated in order to

A

allow indigenes to have full participation in the economic activities of the country

B

drive away foreigners

C

give equal chances to indigenes and foreigners in making economic decision in the country

D

give industrial training to indigenes

E

indigenes exposed to the economic activities of the country

Q24

An economic system in which most capital goods are by individuals and private firms is known as

A

Mixed economy

B

Planned economy

C

Capitalist economy

D

Traditional economy

E

Civilised economy

Q25

In any economic system, which of the following is not an economic problem?

A

What goods and services to produce

B

For whom to produce goods and services

C

What techniques of production to be adopted

D

Equal distribution of goods and services

E

How to ensure that the economy grows over time