An economic system in which the state owns and controls the means of production is known as?

By: |Published on: May 26|Categories: Economics WAEC| 0 comments

A. socialist economy
B. Mixed economy
C. Capitalist economy
D. welfare economy

Correct Answer: Option A

A. socialist economy

Users Also Read These:

SEE ALSO  The Organization of Petroleum Exporting Countries (OPEC) is an example of a?

Copyright warnings! Do not copy.