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JAMB Economics 1980 Question 39

Question 39

Economic Systems

In a subsistence economy

  1. A.there is no shortage of goods and services
  2. B.the State is the sole owner of resources
  3. C.production is largely oriented towards consumption in the rural sector
  4. D.there is no exchange of goods and services
  5. E.women predominate in all economic activities.
Show the answer and explanation

Answer: C (production is largely oriented towards consumption in the rural sector)

Explanation

In a subsistence economy people produce mainly to consume what they produce, mostly in rural areas.