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A major feature of the socialist economic system is 

Economics
WAEC 2024

A major feature of the socialist economic system is 

  • A. setting of production targets by public authorities.
  • B. freedom of choice for consumers.
  • C. determination of price by market forces.
  • D. private ownership of productive inputs.
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Correct Answer: Option A
Explanation

A: In a socialist economy, the government determines what will be produced and consumed within the economy.  

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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