Question

It is not uncommon in a socialist economy that ______________.

• A. private properly is abolished
• B. economic activities are guided by market forces
• C. there is absence of state intervention
• D. people acquire a motive for earning

Answer 1

The correct option is A private properly is abolished

In a socialist economy, both private as well as government organisations utilize resources and distribute them for personal as well as social welfare. Society is given more importance as government handles all central problems of the economy. So usually in socialist economy, private property are abolished for social welfare and to bring in equality in the social and economic status of the people.