eZine · Nigerian exams
Economic systems
JAMB Economics topic guide with 2 practice questions.
What to revise
- types and characteristics of free enterprise, centrally planned and mixed economies
- solutions to economic problems under different systems
- contemporary issues in economic systems (economic reforms e.g. deregulation, banking sector consolidation, cash policy reform)
You should be able to
- compare the various economic systems
- apply the knowledge of economic systems to contemporary issues in Nigeria
- proffer solutions to economic problems in different economic systems
From JAMB's Economics syllabus official. Full syllabus →
eZine's published bank has 8 questions on this topic (counted 29 October 2026).
Practice questions
Question 1 · Economic systems
Which of the following is a main feature of a free enterprise (capitalist) economy?
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Answer: A. Private ownership of the means of production
Capitalism rests on private ownership, the profit motive and the price mechanism. Collective ownership and central price-fixing belong to socialism; capitalism is marked by competition, not its absence.
eZine practice question (original, teacher-reviewed)
Question 2 · Economic systems
In a centrally planned economy, the basic questions of what, how and for whom to produce are answered mainly by
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Answer: C. a central planning authority
Command economies use a central planning authority. Demand and supply and "consumer sovereignty" are the price mechanism of a free market; custom answers the questions in a traditional economy.
eZine practice question (original, teacher-reviewed)
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