JAMB Economics 2018 Objective — Question 32

Question 32 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2018 Objective paper, with the correct answer and a full explanation.

A distinguishing feature of a free enterprise economy is

A. Profit maximizationCorrect
B. State-ownership of resources
C. Private ownership of resources
D. Social welfare maximization

Explanation

Profit maximization on the part of private producers is the key distinguishing feature of a free enterprise (market) economy.

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