The planned socialist economic system is characterised by _______.

economic liberty

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social ownership of means of production

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central planning

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both (B) and (C)

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Solution

The correct option is C both (B) and (C)
A socialist economic system is characterized by social ownership and operation of the means of production that may take form of autonomous cooperatives wherein the production is carried out directly for use. It is characterized by social ownership of means of production and central ownership. When planning is utilized, the economic system is designated as a socialist planned economy.

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