If production, allocation, and ownership are 100% controlled by government, then we call such an economic system as Socialism.

True

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False

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Solution

The correct option is B
False

False. If production, allocation, and ownership are 100% controlled by government, then we call such an economic system as Communism.

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Similar questions

When Ownership, Production, and Allocation are mostly controlled in an economy, such a system of organizing the economy is called Communism.

Q. This economic system is controlled by the government, which owns and manages all the means of production. The goal of such an economy is to achieve social welfare.

Which countries have such an economic system?

In a Centrally Planned Economy, the three aspects of Ownership, Production, and Allocation are all controlled by the government or the central planning authority.

Q. Choose the correct option after reading the statements below:

Statement 1: Socialism is a social and economic doctrine that calls for public rather than private ownership or control of property and natural resources.

Statement 2: To reduce socio-economic inequalities in the society, the Government of India exerts total control over property and economic production.

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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If production, allocation, and ownership are 100% controlled by government, then we call such an economic system as Socialism.

The correct option is B False False. If production, allocation, and ownership are 100% controlled by government, then we call such an economic system as Communism.

The correct option is B
False

False. If production, allocation, and ownership are 100% controlled by government, then we call such an economic system as Communism.