WAEC Economics 2024 Objective — Question 5
Question 5 of 50 from the West African Examinations Council (WAEC) Economics 2024 Objective paper, with the correct answer and a full explanation.
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5. A major feature of the socialist economic system is
- A. setting of production targets by public authorities.Correct
- B. freedom of choice for consumers.
- C. determination of price by market forces.
- D. private ownership of productive inputs.
Explanation
In a socialist economy, the government determines what will be produced and consumed within the economy.
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