by Sunday | Aug 1 | Economics WAEC
A. that is combined both the capitalist and socialist systems B. the freedom of choice in the production and consumption of goods and services C. that government intervenes to secure full utilization of resources D. that economy decisions are determined by market...
by Sunday | Aug 1 | Economics WAEC
A. socialism B. Welfarism C. communism D. capitalism E. traditionalism Correct Answer: Option D – capitalism
by Sunday | Aug 1 | Economics WAEC
A. high tariffs B. price index C. excise duties D. bank rate E. subsidies Correct Answer: Option A – high tariffs
by Sunday | Aug 1 | Economics WAEC
A. overpopulated B. economically poor C. over-producing goods and services D. underpopulated Correct Answer: Option A – overpopulated
by Sunday | Aug 1 | Economics WAEC
A. the former is characterized by complete government ownership of resources, the latter characterized by complete private ownership B. in the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the...
by Sunday | Aug 1 | Economics WAEC
A. resources are directed by the price mechanism B. workers do not earn equal wages C. the profit motive is severely constrained D. decisions on the economy are taken by bureaucratic structures Correct Answer: Option A – resources are directed by the price...