WAEC Economics Past Questions & Answers - Page 138

687.

The main objective of setting up a private business organization is to

A.

Protect the interest of the owners

B.

Promote exports

C.

Provide infrastructure

D.

Maximize profits

Correct answer is D

No explanation has been provided for this answer.

688.

An economic system where the central planning authority determines what goods to produce and in what quantity is known as

A.

Market economy

B.

Socialist economy

C.

Welfare economy

D.

Traditional economy

Correct answer is B

No explanation has been provided for this answer.

689.

In a capitalist economy, resources are

A.

Collectively owned

B.

Jointly owned

C.

Privately owned

D.

Communally owned

Correct answer is C

No explanation has been provided for this answer.

690.

The economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as

A.

Capital economic system

B.

Command economic system

C.

Combined economic system

D.

Traditional

Correct answer is A

No explanation has been provided for this answer.