WAEC Economics 2014 Objective — Question 5
Question 5 of 50 from the West African Examinations Council (WAEC) Economics 2014 Objective paper, with the correct answer and a full explanation.
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Which of the following is not a feature of socialism?
- A. Collective ownership of productive resources
- B. Freedom of enterpriseCorrect
- C. Production is not based on the profit motive
- D. Maximization of public welfare
Explanation
There is no freedom of enterprise in socialism. The state controls the factors of production.
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