In a capitalist economy, factors of production are owned ...
In a capitalist economy, factors of production are owned and controlled by the _____?
Citizen
Business Men
Government
Foreigners
Correct answer is B
Capitalism or free market economy may be defined as the type of economic system in which the means of production are owned and controlled by private individuals that is; it is characterized by private ownership of the means of production. In this case, the private individuals play a greater role than the government in taking decisions on what to produce, how to produce, for whom to produce and the distribution of what has been produced.
The trade-off between two commodities along the Production Possibility Curve (PPC) shows ...
When there is improvement in a country's terms of trade, it means that the country's ...
Which of the following is a measure of central tendency? ...
The price system refers to the system by which ...
International trade arise because? ...
The term 'double coincidence ' of wants is usually associated with a ...
The objective of public finance is to promote ...
Which of the following is an invisible item? ...
A perfect market has all the following features except that ...