WAEC Economics 2014 Question 5

Question 5

Economic Systems

Which of the following is not a feature of socialism?

  1. A.Collective ownership of productive resources
  2. B.Freedom of enterprise
  3. C.Production is not based on the profit motive
  4. D.Maximization of public welfare.
Show the answer and explanation

Answer: B (Freedom of enterprise)

Explanation

Freedom of enterprise belongs to capitalism; under socialism the state controls production.