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WAEC Economics 1993 Question 36

Question 36

Economic Systems

An economic system in which the state owns and controls the means of production is known as

  1. A.free enterprise
  2. B.socialist economy
  3. C.mixed economy
  4. D.capitalist economy
  5. E.welfare economy.
Show the answer and explanation

Answer: B (socialist economy)

Explanation

State ownership and control of the means of production is the main feature of socialism.