NECO Economics 2007 Objective — Question 40
Question 40 of 60 from the National Examinations Council (NECO) Economics 2007 Objective paper, with the correct answer and a full explanation.
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The following are features of socialist economy except
- A. absence of economic rivalry
- B. equitable distribution of income
- C. non-profit oriented
Explanation
Socialist economies focus on collective welfare rather than profit maximisation, which is characteristic of capitalist systems.
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