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An economy system that uses what is regarded as the "Market mechanism" is called_______

Economics
JAMB 2019

An economy system that uses what is regarded as the "Market mechanism" is called_______

  • A. Mixed economy
  • B. Socialism
  • C. Command economy
  • D. Capitalism
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Correct Answer: Option D
Explanation

The market mechanism is solved through the Forces of demand and supply in the capitalist economy which is also known as free enterprises or free market economy.

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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995