JAMB Government 2025 Objective — Question 5
Question 5 of 40 from the Joint Admissions and Matriculation Board (JAMB) Government 2025 Objective paper, with the correct answer and a full explanation.
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A key feature of capitalism is?
- A. Government ownership of industries
- B. Collective decision-making in the economy
- C. Private ownership of the means of productionCorrect
- D. Centralized economic planning
Explanation
Correct answer: C. Capitalism is an economic system defined by private ownership and control of the means of production (land, factories, capital), with businesses run for private profit rather than by the state.
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