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An important function of the price system is to

Economics
JAMB 2012

An important function of the price system is to

  • A. ensure that producers' profits remain high
  • B. guarantee full employment of resources
  • C. allocate resources to most productive uses
  • D. protect the economic interests of government
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Correct Answer: Option C
Explanation

The distribution of scarce resources among competing producers is one of the main functions of price mechanism. Those indus­tries which can offer the highest prices for the factors of production are able to attract supplies. 

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now