NECO Economics 2007 Objective — Question 5
Question 5 of 60 from the National Examinations Council (NECO) Economics 2007 Objective paper, with the correct answer and a full explanation.
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In a capitalist society, the type of ___ is used to allocate resources.
- A. Government
- B. price systemCorrect
- C. producers
Explanation
In a capitalist/market economy, the price mechanism determines what goods to produce based on consumer demand and willingness to pay.
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