Suppose the public expenditure as a percentage of GDP of fou…

JAMB Economics 2023 140 views
Source: JAMB · 2023

Suppose the public expenditure as a percentage of GDP of four countries is shown in the table below

A 40%
B 50%
C 33%
D 36%

Which type of economy exists in these countries?

  1. Mixed ✓
  2. Planned
  3. Pure market
  4. Traditional
Explanation

This answer correctly explains the economic concept. Economics studies how people make choices about limited resources.

The other options describe different economic ideas or situations. They don’t fit what this question asks.

Remember this economic principle when thinking about money, trade, and how markets work.

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