JAMB - English Language (2004 - No. 99)
Capitalism is an economic system which is founded on the principle of free enterprise and the private ownership of the means of production and distribution. The - 11 – [A. protagonists B. antagonists C. determiners D. attorneys] of capitalism claim that its essential characteristic is economic - 12- [A. exploitation B. manipulation C. manoeuvring D. freedom]. The producer is free to produce whatever goods he – 13 - [A. sells B. buys C. fancies D. manufactures]. but the - 14 – [ A. customer B. consumer C. controller D. marketer]. is equally free to buy what he wants. There is a market mechanism under this system, which brings the producer and consumer together and tends to equate the supplies of the one to the demands of the other, and -15 – [A. neutralize B. harmonize C. settle D. decide] the whims and caprice of both. It is this same - 16 – [A. market B. controlling C. operational D. production] mechanism which determines what prices the consumers pay to the producers, as what share of the total - 17- [ A. dividends B. interest C. output D. profit], in cash or kind, goes to each of the four recognized -18 – [ A. managers B. agents C. methods D. factors] of production – land, labour capital and organization. It is further claimed for this system that every person is capable of watching his or her own interest, and that whatever injustice is done by the - 19 – [A. pricing B. operations C. managers D. buyers and sellers] of the market mechanism, this mechanism tends to bring about a state of - 20 – [ A. conflict B. equidistance C. equilibrium D. opprobrium] between the producers and the consumers.
Capitalism is an economic system which is founded on the principle of free enterprise and the private ownership of the means of production and distribution. The - 11 – [A. protagonists B. antagonists C. determiners D. attorneys] of capitalism claim that its essential characteristic is economic - 12- [A. exploitation B. manipulation C. manoeuvring D. freedom]. The producer is free to produce whatever goods he – 13 - [A. sells B. buys C. fancies D. manufactures]. but the - 14 – [ A. customer B. consumer C. controller D. marketer]. is equally free to buy what he wants. There is a market mechanism under this system, which brings the producer and consumer together and tends to equate the supplies of the one to the demands of the other, and -15 – [A. neutralize B. harmonize C. settle D. decide] the whims and caprice of both. It is this same - 16 – [A. market B. controlling C. operational D. production] mechanism which determines what prices the consumers pay to the producers, as what share of the total - 17- [ A. dividends B. interest C. output D. profit], in cash or kind, goes to each of the four recognized -18 – [ A. managers B. agents C. methods D. factors] of production – land, labour capital and organization. It is further claimed for this system that every person is capable of watching his or her own interest, and that whatever injustice is done by the - 19 – [A. pricing B. operations C. managers D. buyers and sellers] of the market mechanism, this mechanism tends to bring about a state of - 20 – [ A. conflict B. equidistance C. equilibrium D. opprobrium] between the producers and the consumers.
Capitalism is an economic system which is founded on the principle of free enterprise and the private ownership of the means of production and distribution. The - 11 – [A. protagonists B. antagonists C. determiners D. attorneys] of capitalism claim that its essential characteristic is economic - 12- [A. exploitation B. manipulation C. manoeuvring D. freedom]. The producer is free to produce whatever goods he – 13 - [A. sells B. buys C. fancies D. manufactures]. but the - 14 – [ A. customer B. consumer C. controller D. marketer]. is equally free to buy what he wants. There is a market mechanism under this system, which brings the producer and consumer together and tends to equate the supplies of the one to the demands of the other, and -15 – [A. neutralize B. harmonize C. settle D. decide] the whims and caprice of both. It is this same - 16 – [A. market B. controlling C. operational D. production] mechanism which determines what prices the consumers pay to the producers, as what share of the total - 17- [ A. dividends B. interest C. output D. profit], in cash or kind, goes to each of the four recognized -18 – [ A. managers B. agents C. methods D. factors] of production – land, labour capital and organization. It is further claimed for this system that every person is capable of watching his or her own interest, and that whatever injustice is done by the - 19 – [A. pricing B. operations C. managers D. buyers and sellers] of the market mechanism, this mechanism tends to bring about a state of - 20 – [ A. conflict B. equidistance C. equilibrium D. opprobrium] between the producers and the consumers.
Explanation
In the context of economics and capitalism, the term "market mechanism" refers to the forces of supply and demand that interact to determine prices and allocate resources. This mechanism operates within the framework of a market economy, where producers offer goods and services, and consumers make choices based on their preferences and purchasing power.
In the passage, the sentence mentions that the market mechanism determines prices paid by consumers to producers and allocates shares of total output among different factors of production. Therefore, the word "market" accurately represents this system of interactions and decision-making processes within capitalism.
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