passwella.
Menu

UI Post-UTME Economics 2021 (Model questions) Question 3

Question 3

Economic Systems

If an economy is moving from socialism to capitalism, which of the following would they reduce?

  1. A.Individual ownership of land
  2. B.private industry
  3. C.the Profit motive
  4. D.price control
Show the answer and explanation

Answer: D (price control)

Explanation

Capitalism lets markets set prices, so government price controls would be reduced; private ownership and profit would increase.