Question

Which of the following is a key feature of socialism?

• A. Private monopolies
• B. Collective ownership
• C. Profit-based distribution
• D. Absence of planning

Answer 1

Answer:

B. Collective ownership

A key feature of socialism is collective or state ownership of resources and means of production, ensuring wealth and benefits are shared among society rather than controlled by private individuals or monopolies. A) Private monopolies – Feature of capitalism, not socialism. C) Profit-based distribution – Socialism focuses on need and equality, not profit. D) Absence of planning – Socialism relies on centralized planning, not the absence of it.