passwella.
Menu

WAEC Economics 1996 Question 40

Question 40

Economic Systems

An economic system in which most means of production are owned and controlled by the State is known as a

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

Answer: A (socialist economy)

Explanation

In a socialist economy the state owns and controls most means of production.