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Question
Which of the following is not the demerits of socialist economy?
Which of the following is not the demerits of socialist economy?
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Solution
The correct option is C None of the above
A socialist
economy is a system of government in which production of goods and services is
owned by society. Direct public ownership is seen in such system of
economy. Inefficient use of economic resources, Loss of initiative and
enterprise, misusing of democracy is seen in such economy.
A socialist economy is a system of government in which production of goods and services is owned by society. Direct public ownership is seen in such system of economy. Inefficient use of economic resources, Loss of initiative and enterprise, misusing of democracy is seen in such economy.
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