Home » Economics-Economic system (SSSCE/WASSCE) 1. In the market economic system, emphasis is laid on theSSSCE 2002 government as the pivot of production and managementindividual as consumer and owner of resourceneed to distribute resource very fairlycommunity ownership of resources2. In a free market situation, firms produceSSSCE 2005 to prevent shortage in the marketfor consumers in need for consumers who can pay for the goodsto aid national development3. Which of the following groups of sectors exist in an economy?WASSCE 2009 Industries, firm and marketsGovernment, banks and household.Household, firms and industriesHousehold, government and firms4. An economic system in which the government owns the means of production and distribution is referred to asSSSCE 2006 merchantilismcapitalismtotalitarianismsocialism5. The economic system in which the individual directly produces what he wants is the;SSSCE 2002 Communist systemCapitalist systemSubsistence systemSocialist system6. In a free market economy, how income is spent determines theSSSCE 1998 value of moneyexchange rate n terms of other currenciesallocation of factors among different productive activitiesneeds of the rich7. The pursuit of profits and private ownership of property are common features of...WASSCE 2008 CommunismCapitalismSocialism.Individualism8. An economic system exists to...WASSCE 2008 give individuals the power to control the economyensure that all people are treated equallyprovide organizations needed to satisfy wantsprovide funds for investment9. Which of the following is an advantage of a capitalist economy?WASSCE 2009 Efficient resource usageEven distribution of wealthProvision of free goodsFree access to education10. An institutional arrangement to solve economic problems is known as anSSSCE 2003 economic sanctioneconomic growtheconomic developmenteconomic system11. In a free market economySSSCE 1995 profit rather than need is the motive for productiontools of production are owned by the stateover population and economic fluctuation can be avoidedthe level of output is centrally determined by the state12. The economic system in which the means of production is owned mainly by individuals is known asSSSCE 1997 communismthe welfare systemcapitalismsocialism13. Which of the following is not an advantage of the capitalist system?WASSCE 2011 Unequal distribution of incomeAvailability of variety of resourcesLower prices due to competitionBetter quality of production14. Public ownership of resources and the use of the free market to organize and co-ordinate economic activity is calledSSSCE 2005 pure capitalismcommand economymixed economytraditional economy15. Which of the following economic system is in operation in most countries of West Africa?WASSCE 2006 socialist economycommunist economymixed economyfree market economy16. In a free market system, which of the following is important in determining what is produced?SSSCE 1996 Desireneedswantsincome17. The following are features of a capitalist system except thatWASSCE 2009 resources are in the hands of private individualsresources are allocated n the basis of pricethe aim of production is profit maximizationresources are in the hands of the government18. In which of the following economic systems is the consumer the king?WASSCE 2009 capitalist economyclosed economymixed economysocialist economy19. An economy in which most factors of production are owned by the state is aWASSCE 2009 mixed economyclosed economysocialist economymarket economy Loading... Share this:Click to share on WhatsApp (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)
