Functions Of The Price System Jamb Economics Past Questions
Question 11
Which of the following is an important function of prices in a market economy?
- A. Ensuring that resources are used in the most efficient manner
- B. Ensuring an equitable distribution of goods and services
- C. Ensuring that all industries are perfectly competitive in the long run
- D. Equating level of purchases with level of needs
Question 12
The price mechanism
- A. regulates supply and demand
- B. rations the consumers
- C. rewards the producers
- D. allocates scarce resources
- E. does all of the above
