MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Socialist Economy: Features and Drawbacks

How are decis...

Question

How are decisions regarding economic problems addressed in a socialist economy?

A

Price mechanism

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Centralised planning

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

C

Privatisation

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

Police states

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B Centralised planning
In a socialist economy, the government plans and takes all the decisions. When all decisions come directly from the government, it is called centralised planning. In such a system, there are no private entrepreneurs.

Suggest Corrections

thumbs-up

0

Similar questions

Q. In a socialist economy, the central planning authority takes decisions to solve which of the following problems of the economy?

Q. In a socialistic economy the problem of allocation of resources is addressed by ____________.

Q. In a socialistic pattern of economy the problem of allocation of resources is addressed by __________.

Q. The basic economic problems are solved in the public sector of a mixed economy through decision making by the planning authority.

Q. In a socialistic economy the economic activities are guided by ___________.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Question No. 2

ECONOMICS

Watch in App

explore_more_icon

Explore more

Socialist Economy: Features and Drawbacks

Standard IX Economics

Join BYJU'S Learning Program

CrossIcon