Economic Systems Jamb Economics Past Questions
Question 6
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 association
- D. private individuals, organization and the government
Question 7
The active intervention of the central authorities in the management of a country's economy rest upon the?
- A. failure of the market force to produce satisfactory result
- B. superiority of the centrally planned economy over the private enterprise economy
- C. result-oriented nature of the private enterprise economy
- D. cost-minimization strategy of a mixed economy
Question 8
In a free market economy, available resources are more efficiently allocated by complete reliance on?
- A. development planning
- B. strategic planning
- C. capital budgeting
- D. price system
Question 9
Which of the following statements describes a mixed economy?
- A. The government and the private sector interact in solving the basic economic problems
- B. The invisible hand solves the basic economic problems
- C. The government produces and distributes all goods and services
- D. Society answers the 'what', 'how', and 'for whom' questions only through the market system
Question 10
Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities
- A. Fairness
- B. The distribution of income and wealth
- C. Public need which is determined by the government
- D. Private needs determined by the market
- E. The ability of individual to make profit
