Which of the following applies to a real-world socialistic economy?
A) Private ownership of all factors of production.
B) Government ownership of all factors of production.
C) Government ownership of most of the factors of production.
D) Lack of central planning.

Question

Quizplus · Accepted Answer

In a real-world socialistic economy, the government owns most of the factors of production such as land, natural resources, and major industries. Private ownership exists but is restricted and controlled by the government. Central planning is also present in a socialistic economy.

Which of the Following Applies to a Real-World Socialistic Economy