In a socialist economy, factors of production are owned and controlled by the? By: Sunday|Published on: Jul 31|Categories: Economics WAEC| 0 comments A. citizens B. businessmen C. government D. foreigners Correct Answer: Option C – government Users Also Read These:Under the socialist economy, the decision on what to…Mixed economy refers to a system in which the means…In a socialist economy, prices of commodities are…One of the fundamental differences between a…An economic system in which most means of production…SEE ALSO When a country's population is experiencing increase returns, that country is said to be?