Economic Systems
Which of the following economic systems is in operation in most countries in West Africa?
(a)Communism (b)Free Market economy (c)Mixed Economy (d)Socialist EconomyEXPLANATION:undefined
Which of the following is not appropriate function of the government in a market economy?
(a)To redistribute income and wealth (b)To promote economic stability (c)To supply consumer goods (d)To control prices of commoditiesEXPLANATION:undefined
The allocation of resources in a command economy is undertaken by the
(a)Price system (b)Individual businessmen (c)Central economic committte (d)Managers of production unitEXPLANATION:undefined
In a free market economy, goods are supplied when
(a)Their cost of production is low (b)Consumers are prepared to buy them (c)Raw materials are in abundance (d)There is cheap labour supplyEXPLANATION:undefined
State owned enterprises are common in
(a)Centrally planned economies (b)Mixed economies (c)Capitalist economies (d)Developed economiesEXPLANATION:undefined
Which of the following is an advantage of a capitalist economy?
(a)Efficient resource usage (b)Provision of free goods (c)Free access to education (d)Even distribution of wealthEXPLANATION:undefined
The following are features of capitalism except
(a)resources are allocated on the basis of price (b)resources are in the hands of the government (c)the aim of production is profit maximization (d)resources are in the hands of private individualEXPLANATION:undefined
An economic system exist to
(a)provide organizations needed to satisfy wants (b)ensure that all people are treated equally (c)give individuals power to control the economy (d)provide funds for investmentsEXPLANATION:undefined
The problem of scarcity and choice is resolved by
(a)The level of technology (b)households only (c)the economic system (d)the production of goods and servicesEXPLANATION:undefined
The three major agents of an economic system are the
(a)consumer, workers and producers (b)schools, hospitals and government (c)individual, firms and government (d)citizens, foreigners and governmentEXPLANATION:undefined
In market economy, an important function of price is to ensure that all
(a)industries produce the same type of goods (b)resources are used in the most efficient manner (c)goods are equally distributed (d)needs are fully satisfiedEXPLANATION:undefined
In a market economy, if the price of the goods falls then the commodity is being
(a)under-produced (b)over-utilized (c)over subscribed (d)under-consumedEXPLANATION:undefined
In which of the economic systems is consumer referred to as king?
(a)Planned economy (b)Mixed economy (c)Traditional economy (d)Free market economyEXPLANATION:undefined
In all these economic problems, which of these is not a basic economic problem?
(a)What goods services to produce (b)For whom to produce goods and services (c)What techniques of production to be adopted (d)equal distribution of goods and servicesEXPLANATION:undefined
The economic system in which individual initiative is highly rewarded is?
(a)Socialism (b)Capitalism (c)Communism (d)Command EconomyEXPLANATION:undefined
The basic force governing the allocation of resources in a market economy is
(a)money supply (b)factor prices (c)consumer demand (d)societal needsEXPLANATION:undefined
Which of the following is the best description of the role of profits in a free enterprise economy?
(a)Rewards for owners of capital (b)Encourage people to work harder (c)Attracts resources to areas where consumer benefits are greatest (d)Provide income for people with capital to spareEXPLANATION:undefined
Profit is a major feature of ?
(a)Socialist economy (b)Traditional economy (c)Market economy (d)Command economyEXPLANATION:undefined
Welfare is a major feature of _____ economy
(a)Capitalist (b)Socialitst (c)feudal (d)MarketEXPLANATION:undefined
In a market economy, the decisions as to what to produce depends on the ___
(a)Entrepreneurs (b)Government (c)Banks (d)ConsumersEXPLANATION:undefined
In a market economy, how income is spent determines the____
(a)needs of the rich (b)allocation of factors of production among different productive activities (c)value of money (d)exchange rate in terms of other currenciesEXPLANATION:undefined
You'll have 60 seconds to answer each question.
Time's Up
Score:
Your fingernails and hair keep growing after you die
Result
Total Questions: 9
Attempt: 8
Correct : 3
Wrong: 5
Percentage: 33%
Ralph - O
A lover of tacit change.
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