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WAEC Economics 1995 Question 13

Question 13

Economic Systems

Under the socialist economy, the decision on what to produce is determined by the

  1. A.producers
  2. B.level of expected profit
  3. C.price
  4. D.government
  5. E.preferences of consumers
Show the answer and explanation

Answer: D (government)

Explanation

In a socialist (planned) economy, the state owns the resources and decides what to produce.