Which of the following statements is incorrect?

1 - Socialist system is also known as controlled economic system.

2 - Countries like England, India, and France follow socialist system.

Only 1

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Only 2

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Both 1 and 2

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Neither 1 nor 2

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Solution

The correct option is C Both 1 and 2
A socialist system refers to a system where the resources are owned by the state. In a mixed system, the resources are owned by both private players and state. A mixed economy is also known as the controlled economic system because of its regulations. Countries like India, England, and France follow a mixed economy.

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