passwella.
Menu

WAEC Economics 1988 Question 4

Question 4

Economic Systems

In which of the following economic systems is the consumer referred to as 'The King'?

  1. A.Planned economy
  2. B.Mixed economy
  3. C.Traditional economy
  4. D.Free Market economy
  5. E.Socialist economy.
Show the answer and explanation

Answer: D (Free Market economy)

Explanation

In a free market economy, consumers' spending decides what is produced (consumer sovereignty), so the consumer is 'king'.