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

In a planned economy, the emphasis is on _____ (JAMB 2003)

A. public ownership and control
B. price and competition
C. individual choices and decisions
D. private ownership and control

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

An economic system in which the producer and the consumer are the same is referred to as a _____ (JAMB 2007)

A. capitalist economy
B. mixed economy
C. socialist economy
D. subsistence economy

In a planned economy, what shall be produced is determined primarily by ______ (JAMB 1999)

A. what the consumer wants
B. government decisions
C. price mechanism
D. the pattern of consumer spending

A typical feature of a market economy is that ______ (JAMB 2019)

A. all producers make profit
B. full employment exists
C. consumer sovereignty exists
D. there is equality of economic agents