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Socialist Economy: Features and Drawbacks

How are decis...

Question

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

A

Price mechanism

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B

Centralised planning

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C

Privatisation

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D

Police states

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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.

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Socialist Economy: Features and Drawbacks

Standard IX Economics

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