Question:
A key feature of the socialist economic system is:
(1) profit maximisation as the main objective.
(2) private ownership of all means of production.
(3) public ownership of key industries and resources.
(4) minimal government intervention into the economy.
(5) the government plays no role in economic decisions.
Correct Answer:
(3)
Answer Explanation:
Socialism is characterized by collective or state ownership of the means of production to ensure equitable distribution and social welfare, as opposed to capitalism which features private ownership.
Topic: Economic Systems Year: 2024
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