Solutions To Economic Problems Under Different Systems Jamb Economics Past Questions
Question 1
In which of the following economic systems do we have the means of production and exchange controlled by private individuals
- A. socialist system
- B. mixed system
- C. capitalist system
- D. traditional system
Question 2
The choice of how to produce in a command economy is determined by
- A. government
- B. consumer
- C. industrialists
- D. labour unions
Question 3
In a 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
Question 4
In a centrally planned economy, the economic problem of deciding what to produce is dependent on?
- A. average profit
- B. state command
- C. average cost
- D. relative prices
Question 5
For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the?
- A. amount of X it could not produced
- B. amount of Y it produced
- C. total amount of Y it could have produced
- D. extra amount of Y it could have produced
