JAMB Economics 2023 Objective — Question 10

Question 10 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2023 Objective paper, with the correct answer and a full explanation.

An economy in which private investors drive the major parameters can be regarded as

A. (A) Mixed economy
B. (B) Capitalist economyCorrect
C. (C) Socialist economy
D. (D) Feudalistic economy

Explanation

In a capitalist economy, private investors and market forces (not the state) drive the major economic decisions.

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