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WAEC Economics 2009 Question 5

Question 5

Economic Systems

All the following are features of market economies except

  1. A.competition among producers
  2. B.demand and supply forces guiding production decisions
  3. C.that profit motive is paramount
  4. D.public ownership of capital
Show the answer and explanation

Answer: D (public ownership of capital)

Explanation

In a market economy capital is privately owned; public ownership belongs to a planned economy.