Economics Practice Test – Economic System (Questions with Answers and Explanations)

Hello and Welcome to Economics Practice Test – Economic System

  1. You are to attempt 5 random objectives questions ONLY.
  2. Supply Your Full Name and Location in the text box below and begin immediately.
  3. You can attempt as many times as possible


An economy in which both the public and private sectors contribute to economic growth is known as ______ (JAMB 2013)

A. feudal economy
B. capitalist economy
C. social economy
D. mixed economy


A major characteristic of a mixed economy is that ______ (JAMB 2004)

A. economic decision is made by both the rich and the poor
B. economic activities are undertaken by both the public and private sectors
C. the federal and the state governments undertake joint projects
D. both primary and secondary production are undertaken.


Public ownership of productive factors is a feature of ______ (JAMB 2016)

A. socialism
B. capitalism
C. feudalism
D. mixed economy


The typical feature of a market economy is that ______ (JAMB 2018)

A. Private ownership of means of production
B. Public ownership of means of production
C. Welfare maximization
D. Profit maximisation


In a free market system, trading can only take place when the _____ (JAMB 2000)

A. market is not working effectively
B. equilibrium price is attained
C. price of a commodity tends to attract consumers
D. consumer sovereignty is lacking

 

 

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