_________ is/are features of socialism.

Public ownership of means of production

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Central planning

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Equality of income distribution

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All of the above

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Solution

The correct option is C All of the above
In socialism,means of production are owned by public. Government mainly plans about the production,consumption and distribution decisions of an economy. It is also stated that in socialism income will be equally distributed in an economy.

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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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