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WAEC Economics 2006 Question 38

Question 38

Economic Systems

The economic system in which the state takes the economic decisions through detailed planning is

  1. A.capitalism
  2. B.socialism
  3. C.traditional economic system
  4. D.mixed economic system.
Show the answer and explanation

Answer: B (socialism)

Explanation

Under socialism the state owns the main resources and plans what to produce.