Which of the following is applicable in a wholly capitalist economy?

Assessment: JAMB UTME - Economics - 1992 Subject: Economics

Question 1 Report

Which of the following is applicable in a wholly capitalist economy?
Answer Details
In a wholly capitalist economy, the price mechanism allocates resources. This means that the forces of supply and demand determine the prices of goods and services, and producers and consumers are free to make their own choices. The market regulates itself without any significant government intervention. Therefore, options 1 and 4 are not applicable in a wholly capitalist economy. In such an economy, the consumer is sovereign because producers respond to consumers' preferences and demands, making false.
View Answer

Related Questions

1

The estimated dependency ratio of the population distribution shown here is
2

At what level of input has diminishing marginal returns set in?
3

The terms of trade of a country is defined as
4

In the diagram, the profit maximizing output is
5

In the data above, what is the optimum population in million?
6

The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.
7

The type of business organizations mostly used for producing public goods in Nigeria is
8

Calculate the marginal physical product of the last unit of input

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning