An Economic and social system in which all properties and resources are collectively owned by a classless society and not by individual citizens ______________.

Democracy

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Communism

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Anarchy

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Autocracy

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Solution

The correct option is B Communism
An economic and social system in which all (or nearly all) property and resources are collectively owned by a classless society and not by individual citizens is called communism. It is a political thought which is the establishment of government by a specific community. In this, each person contributes and receives according to their ability and needs.

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Similar questions

Q25. Which of the following statements are correct?

1. A mixed economy refers to market economy with strong regulatory oversight and governmental provision of public goods.

2. A socialist economic system is characterized by social ownership and democratic control of the means of production.

3. Capitalism is an economic system in which capital goods are owned by private individuals.

4. Marxian economics provided a foundation for capitalism.

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