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JAMB Economics 1985 Question 11

Question 11

Economic Systems

In market economies, resources are allocated through the

  1. A.government authorities
  2. B.price system
  3. C.banking system
  4. D.central planning bureau
  5. E.revenue allocation formula.
Show the answer and explanation

Answer: B (price system)

Explanation

In a market economy prices, set by demand and supply, guide what is produced and how resources are used.