Contemporary Issues In Economic Systems Jamb Economics Past Questions
Question 1
One of the criticisms of the price mechanism is that
- A. producers are sovereign
- B. it provides low degree of freedom
- C. it widens the inequitable gap
- D. consumers are sovereign
Question 2
The privatization of public enterprises will lead to efficient management of resources in the economy.
This statement can best be described as
- A. normative reasoning
- B. inductive reasoning
- C. deductive reasoning
- D. positive reasoning
Question 3
The economic policy of deregulation is aimed at encouraging?
- A. a monopolistic market structure
- B. a duopolistic market structure
- C. a competitive market structure
- D. an oligopolistic market structure
Question 4
One of the purposes of advertisement in marketing is to?
- A. change the quality of the product
- B. raise the quantity of the product demanded as its price falls
- C. shift the demand curve for the product to the right
- D. raise production cost
Question 5
What fundamentally determines how much a consumer spends in a producer's shop?
- A. Individual's propensity to consume
- B. level of his taxation
- C. level of his income
- D. Individual's taste or fashion
