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JAMB Government 2003 Question 16

Question 16

Political Ideologies

Socialism is a mode of production based on

  1. A.state ownership of the means of production
  2. B.collective ownership of the means of production
  3. C.national ownership of the means of production
  4. D.mixed ownership of the means of production.
Show the answer and explanation

Answer: A (state ownership of the means of production)

Explanation

Under socialism the major means of production are owned and controlled by the state on behalf of the people, rather than by private individuals.