WAEC Economics questions: Economic systems

13 questions with answers and explanations. Tap an option to check yourself.

1. Question 1· Economic systems· WAEC

   In a planned economy, what to produce is decided by the

   • Aprice mechanism
   • Bconsumers alone
   • Ccentral planning authority
   • Dmiddlemen

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2. Question 2· Economic systems· WAEC

   Resources are allocated mainly by the price mechanism in a

   • Afree-market economy
   • Bcommand economy
   • Ctraditional economy
   • Dbarter economy

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3. Question 3· Economic systems· WAEC

   In a capitalist economy, the means of production are owned mainly by

   • Athe state
   • Btrade unions
   • Cforeign governments
   • Dprivate individuals

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4. Question 4· Economic systems· WAEC

   A major disadvantage of a command economy is

   • Atoo much advertising
   • Btoo much competition
   • Clittle consumer choice and weak incentives
   • Dexcessive private profit

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5. Question 5· Economic systems· WAEC

   In a capitalist economy, the main decisions on what to produce are taken through

   • Acentral planning
   • Bthe price mechanism
   • Creligious leaders
   • Dthe military

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6. Question 6· Economic systems· WAEC

   A disadvantage of a planned economy is

   • Aexcessive advertising
   • Btoo much competition
   • Clack of consumer choice and incentives
   • Dno government role

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7. Question 7· Economic systems· WAEC

   Nigeria is described as a mixed economy because

   • Aboth government and private firms produce goods and services
   • Bonly private firms exist
   • Call firms are owned by the state
   • Dtrade is carried out by barter

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8. Question 8· Economic systems· WAEC

   An economy in which both the government and private individuals take economic decisions is a

   • Acommand economy
   • Bsubsistence economy
   • Cmixed economy
   • Dtraditional economy

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9. Question 9· Economic systems· WAEC

   The price mechanism is the main feature of

   • Aa military economy
   • Ba planned economy
   • Ca traditional economy only
   • Da free market economy

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10. Question 10· Economic systems· WAEC

    In a mixed economy

    • Aonly private individuals own resources
    • Bonly the government owns resources
    • Cboth the government and private individuals own and control resources
    • Dthere is no government

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11. Question 11· Economic systems· WAEC

    Nigeria's economy is best described as

    • Aa mixed economy
    • Ba pure command economy
    • Ca pure market economy
    • Da subsistence economy only

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12. Question 12· Economic systems· WAEC

    Which feature is typical of a capitalist economy?

    • Acentral planning of all output
    • Bprivate ownership of most businesses
    • Cstate ownership of all land
    • Dabsence of the profit motive

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13. Question 13· Economic systems· WAEC

    An argument for privatising public enterprises in Nigeria is that private owners

    • Aalways charge lower prices
    • Btend to run them more efficiently for profit
    • Cemploy more workers in every case
    • Dneed no regulation

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    Explanation and discussion