Question

Consider the following Statements and find which are true.

1. Socialism is a system where the entire means of production and distribution of goods and service are under the control of State (Government)
2. "Each for all and all for all" is the motto
3. In socialist economy, if there is any surplus in the economy, it is distributed to all the citizens.
4. Socialism is otherwise called Centralized Planning economy

• A. ii only correct
• B. iii only correct
• C. None of these
• D. All are correct

Answer 1

Answer:

D. All are correct

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