One of the fundamental differences between a ca... - JAMB Economics 1997 Question
One of the fundamental differences between a capitalist and a socialist economy is that while?
A
the former is characterized by complete government ownership of resources, the latter characterized by complete private ownership
B
in the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter
C
taxes are levied in a capitalist economy, there is no taxation in a capitalist economy
D
income and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy
correct option: b
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