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

maximum social welfare

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maximization of private profit

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employment generation

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all of the above

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Solution

The correct option is A maximum social welfare
In socialism or socialistic pattern economy, economic activities, that are, consumption, production and distribution-all are guided in order to maximize the social welfare of the economy. Maximizing profit is not given importance in socialism.

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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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