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JAMB Economics 1988 Question 49

Question 49

Economic Systems

Collectivism refers to the system of management of state enterprises in a

  1. A.mixed economy
  2. B.co-operative organization
  3. C.capitalist economic system
  4. D.socialist economy.
Show the answer and explanation

Answer: D (socialist economy.)

Explanation

Under socialism the state owns and manages the means of production collectively.