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WAEC Economics 2007 Question 42

Question 42

Economic Systems

One of the advantages of capitalism is that

  1. A.consumers are exploited
  2. B.private initiative is discouraged
  3. C.efficient allocation of resources is assured
  4. D.job security is assured.
Show the answer and explanation

Answer: C (efficient allocation of resources is assured)

Explanation

Competition and the price mechanism push resources to their most profitable, efficient uses.