Question

A Socialist economy is ________________.

• A. An equalitarian economy
• B. A planned economy
• C. A non-planned economy
• D. A democratic economy

Answer 1

The correct option is B A planned economy

In a socialist economy, the means of production and distribution are owned, controlled and regulated by the public, either through the state or through cooperatives. The basic motive is not to use the means of production for profit, but rather for the interest of social welfare.

It is a planned economy which includes an ability to makegood use of land, labor and resources, as well as avoiding excess or insufficient production.