This economic system is controlled by the government, which owns and manages all the means of production. The goal of such an economy is to achieve social welfare.

Which countries have such an economic system?

India

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China

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Germany

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Russia

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Solution

The correct option is D Russia
There are three types of economic systems: capitalist, socialist, and mixed economy. The means of production are owned and managed by private players in a capitalist economy, by the government in a socialist economy, and by both private players and the government in a mixed economy. Countries like China and Russia have a socialist economic system.

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Similar questions

If production, allocation, and ownership are 100% controlled by government, then we call such an economic system as Socialism.

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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