Types Of Economic Systems Jamb Economics Past Questions
Question 1
In a free market economy, the rationing of scarce goods is done principally by_______
- A. Consumers
- B. The government
- C. The price mechanism
- D. All of the above
Question 2
In a free market economy, the rationing of scarce goods is done principally by?
- A. the government
- B. business organizations
- C. the price mechanism
- D. consumers
Question 3
A major disadvantage of a capitalist economy is that it
- A. leads to low production of goods and services
- B. requires large number of officials to operate
- C. considers individual consumers' satisfaction
- D. worsens income inequality among the citizens
Question 4
An economy in which both the public and private sectors contribute to economic growth is a__________?
- A. socialist economy
- B. feudal economy
- C. mixed economy
- D. capitalist economy
Question 5
An economy system that uses what is regarded as the "Market mechanism" is called_______
- A. Mixed economy
- B. Socialism
- C. Command economy
- D. Capitalism
