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Economics Past Questions and Answers

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Economics Questions

Question 2356:

An economic system in which the state owns and controls the means of production is known as

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A Free enterprise
B Socialist economy
C Mixed economy
D Capitalist economy
E Welafare company

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Question 2357:

Which of the following is not a middleman in the distribution channel? The

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A Wholesaler
B Distributor
C Agent
D Cosumer
E Retailer

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Question 2358:

Division of labour gives rise to

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A The exchange of goods and services
B The use of barter system
C The production of limited goods
D Unemployment
E Delay in production

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Question 2359:

One-man business is popular in West Africa because of all the following , except the

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A Ease of entry
B Small capital required
C Limited enterpreneur skills needed
D Ease of decision making
E Tendency to become joint-stock companies

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Question 2360:

Which of the following is not a reason why statutory are run only by the government?

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A The duplication of some services will lead to resource wastage
B All corporation provides services which individuals cannot provide
C Essential services must be provided irrespective of the economic system adopted
D Some corporations require large financial capital which may not be easy to acquire by individuals
E There is need to protect consumers from exploitation

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