WAEC Economics 2012 Objective — Question 12
Question 12 of 49 from the West African Examinations Council (WAEC) Economics 2012 Objective paper, with the correct answer and a full explanation.
Advertisement
The allocation of goods and services in a free market economy is performed by
- A. the price systemCorrect
- B. the banking system
- C. the central planning body
- D. government budgets
Explanation
In a free market economy, the forces of demand and supply interact to determine price and quantity, known as the price system.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.