Question

Socialist economy is also called __________.

• A. command economy
• B. centrally planned economy
• C. controlled economy
• D. all of the above

Answer 1

Answer: (D)

all of the above

A socialist economic system can also be called as command economy, centrally planned economy or controlled economy because the means of production and distribution are owned, controlled and regulated by the public, either through the state or through cooperatives. The basic motive is not to use the means of production for profit, but rather for the interest of social welfare.in a socialist economy, the government plays a comprehensive role in almost all economic activities, such as production, distribution, and consumption, of a nation.

Socialist economy is against ownership of private property, Society as a whole should control property collectively, It stands for collective social interests rather than personal gains, socialism was in favour of cooperatives and that wages should be given according to work done.

Hence, D is the correct option.