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JAMB Government 1982 Question 23

Question 23

Political Ideologies

One of the fundamental features of capitalism is

  1. A.that the major factors of production are privately owned
  2. B.the predominance of the public sector in the economy
  3. C.the elimination of all forms of competition
  4. D.the rule of the few
  5. E.the entrenchment of social rights
Show the answer and explanation

Answer: A (that the major factors of production are privately owned)

Explanation

Under capitalism land, capital and businesses are mainly owned by private individuals and firms who run them for profit.