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WAEC Government 2011 Question 27

Question 27

Political Ideologies

An open market economy is a unique feature of

  1. A.welfarism.
  2. B.socialism.
  3. C.feudalism.
  4. D.capitalism.
Show the answer and explanation

Answer: D (capitalism.)

Explanation

Capitalism relies on a free (open) market where prices are set by supply and demand.