Economics Past Questions and Answers

the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as

In a capitalist economy, resources are

An economic system where the central planning authority determines what goods to produce and in what quantity is known as

The main objective of setting up a private business organization is to

The demand and supply function of a commodity are given as below.
Qd = 20 - 2p
Qs = 6p - 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is