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

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

The privatization exercise in Nigeria is a move towards ____ (JAMB 2009)

A. a mixed economy
B. subsistence economy
C. market economy
D. command economy

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

In a centrally planned economy, the economic problem of deciding what to produce is dependent on ______ (JAMB 2002)

A. average profit
B. state command
C. average cost
D. relative prices

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