NECO Economics 2024 Objective — Question 5

Question 5 of 50 from the National Examinations Council (NECO) Economics 2024 Objective paper, with the correct answer and a full explanation.

A major feature of the socialist economic system is

A. A. setting of production targets by public authoritiesCorrect
B. B. freedom of choice for consumers
C. C. determination of price by market forces
D. D. private ownership of productive inputs

Explanation

The socialist economic system is the opposite of the capitalist economic system. In this case, the means of production and distribution are substantially owned and managed by the government i.e public authorities. Also, there is equitable distribution of wealth or income.

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