Government JAMB

In a socialist economy; private accumulation of wealth is?

A. prohibited
B. regulated
C. limited
D. encouraged

Correct Answer:

Option C – limited

Explanation

In a socialist economy, private accumulation of wealth is limited.

Socialism is an Economic and political system which advocates that the means of production and distribution as well as management of land and capital, should be owned, controlled and managed by the public.

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