JAMB and WAEC Economics questions: Economic systems

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

1. Question 21· 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

   Show answer

   Explanation and discussion

2. Question 22· Economic systems· JAMB

   Consumer sovereignty in a free market economy means that

   • Aprices are fixed by law
   • Bthe government decides what consumers buy
   • Cconsumers own all factories
   • Dconsumers decide what is produced through their spending

   Show answer

   Explanation and discussion

3. Question 23· Economic systems· JAMB

   In a command economy, prices are set mainly by

   • Athe government
   • Bmarket forces
   • Cconsumers' votes
   • Dtrade unions

   Show answer

   Explanation and discussion

4. Question 24· 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

   Show answer

   Explanation and discussion

5. Question 25· 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

   Show answer

   Explanation and discussion

6. Question 26· 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

   Show answer

   Explanation and discussion

7. Question 27· Economic systems· JAMB

   A major disadvantage of a command (planned) economy is

   • Atoo much competition
   • Blimited consumer choice
   • Cexcessive advertising
   • Dhigh profits for individuals

   Show answer

   Explanation and discussion

8. Question 28· Economic systems· JAMB

   In a command economy, resources are allocated mainly by

   • Agovernment planning
   • Bconsumer demand
   • Cprices
   • Dtradition

   Show answer

   Explanation and discussion