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All questions of Economic Systems for JAMB Exam
The objective of economic systems is to:- a)Maximize government control over resources
- b)Maximize individual profits
- c)Efficiently allocate scarce resources
- d)Promote income inequality
Correct answer is option 'C'. Can you explain this answer?
The objective of economic systems is to:
a)
Maximize government control over resources
b)
Maximize individual profits
c)
Efficiently allocate scarce resources
d)
Promote income inequality
|
Deepak Iyer answered |
The objective of economic systems is to efficiently allocate scarce resources in order to meet the needs and wants of individuals and society as a whole. The goal is not to maximize government control or individual profits but to ensure optimal resource allocation.
Which of the following economic systems is characterized by private ownership of resources and the market determining the allocation of goods and services?- a)Centrally planned economy
- b)Free enterprise economy
- c)Mixed economy
- d)Socialist economy
Correct answer is option 'B'. Can you explain this answer?
Which of the following economic systems is characterized by private ownership of resources and the market determining the allocation of goods and services?
a)
Centrally planned economy
b)
Free enterprise economy
c)
Mixed economy
d)
Socialist economy
|
|
Deepak Iyer answered |
In a free enterprise economy, private individuals and businesses own the resources, and the market forces of supply and demand determine the allocation of goods and services.
In a centrally planned economy, the allocation of resources is primarily determined by:- a)Supply and demand
- b)Central planning authority
- c)Market forces
- d)Private individuals and businesses
Correct answer is option 'B'. Can you explain this answer?
In a centrally planned economy, the allocation of resources is primarily determined by:
a)
Supply and demand
b)
Central planning authority
c)
Market forces
d)
Private individuals and businesses
|
|
Deepak Iyer answered |
In a centrally planned economy, the allocation of resources is primarily determined by a central planning authority, such as the government, which makes decisions regarding production, distribution, and consumption.
Which of the following economic systems allows for government intervention to correct market failures and promote social welfare?- a)Free enterprise economy
- b)Socialist economy
- c)Centrally planned economy
- d)Mixed economy
Correct answer is option 'D'. Can you explain this answer?
Which of the following economic systems allows for government intervention to correct market failures and promote social welfare?
a)
Free enterprise economy
b)
Socialist economy
c)
Centrally planned economy
d)
Mixed economy
|
|
Deepak Iyer answered |
The mixed economy allows for government intervention to correct market failures and promote social welfare. Government regulations and policies are implemented to address inequalities, provide public goods and services, and ensure fair competition.
In a free enterprise economy, prices are primarily determined by:- a)Supply and demand
- b)Government regulations
- c)Central planning authority
- d)International markets
Correct answer is option 'A'. Can you explain this answer?
In a free enterprise economy, prices are primarily determined by:
a)
Supply and demand
b)
Government regulations
c)
Central planning authority
d)
International markets
|
|
Deepak Iyer answered |
In a free enterprise economy, prices are primarily determined by the forces of supply and demand in the market. Buyers and sellers interact freely, and prices adjust based on the levels of supply and demand for goods and services.
Which of the following is a contemporary issue in economic systems?- a)Agricultural subsidies
- b)Barter trade
- c)Feudalism
- d)Mercantilism
Correct answer is option 'A'. Can you explain this answer?
Which of the following is a contemporary issue in economic systems?
a)
Agricultural subsidies
b)
Barter trade
c)
Feudalism
d)
Mercantilism
|
|
Deepak Iyer answered |
Agricultural subsidies are a contemporary issue in economic systems. They involve government support to farmers to stabilize agricultural production, protect domestic markets, and ensure food security.
Economic reforms such as deregulation, banking sector consolidation, and cash policy reform are examples of:- a)Market failures
- b)Government intervention
- c)Private sector initiatives
- d)International trade agreements
Correct answer is option 'B'. Can you explain this answer?
Economic reforms such as deregulation, banking sector consolidation, and cash policy reform are examples of:
a)
Market failures
b)
Government intervention
c)
Private sector initiatives
d)
International trade agreements
|
|
Deepak Iyer answered |
Economic reforms such as deregulation, banking sector consolidation, and cash policy reform are examples of government intervention aimed at improving the functioning of the economy and addressing specific issues or challenges within the economic system.
Which economic system is most likely to prioritize income equality and social welfare?- a)Free enterprise economy
- b)Centrally planned economy
- c)Mixed economy
- d)Market economy
Correct answer is option 'C'. Can you explain this answer?
Which economic system is most likely to prioritize income equality and social welfare?
a)
Free enterprise economy
b)
Centrally planned economy
c)
Mixed economy
d)
Market economy
|
|
Deepak Iyer answered |
The centrally planned economy is most likely to prioritize income equality and social welfare. In this system, the government has significant control over resource allocation and can implement policies to redistribute income and provide social welfare programs.
In Nigeria, recent economic reforms have focused on:- a)Increasing government control over industries
- b)Encouraging foreign investment
- c)Nationalizing key sectors of the economy
- d)Implementing a centrally planned economic system
Correct answer is option 'B'. Can you explain this answer?
In Nigeria, recent economic reforms have focused on:
a)
Increasing government control over industries
b)
Encouraging foreign investment
c)
Nationalizing key sectors of the economy
d)
Implementing a centrally planned economic system
|
|
Deepak Iyer answered |
Recent economic reforms in Nigeria have focused on encouraging foreign investment to stimulate economic growth, attract capital inflows, and improve the country's competitiveness in the global market.
A mixed economy combines elements of both:- a)Free enterprise and socialist economies
- b)Centrally planned and socialist economies
- c)Free enterprise and centrally planned economies
- d)Socialist and market economies
Correct answer is option 'C'. Can you explain this answer?
A mixed economy combines elements of both:
a)
Free enterprise and socialist economies
b)
Centrally planned and socialist economies
c)
Free enterprise and centrally planned economies
d)
Socialist and market economies
|
|
Deepak Iyer answered |
A mixed economy combines elements of both free enterprise and centrally planned economies. It includes both private ownership of resources and government intervention to regulate and correct market failures.
Chapter doubts & questions for Economic Systems - Economics for JAMB 2025 is part of JAMB exam preparation. The chapters have been prepared according to the JAMB exam syllabus. The Chapter doubts & questions, notes, tests & MCQs are made for JAMB 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests here.
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Economics for JAMB
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