In which economy, the material means of production i.e. factories, capital, mines, etc. are owned by the whole community represented by the State ?

CA Foundation · Business Economics · PYQS · September 2024
In which economy, the material means of production i.e. factories, capital, mines, etc. are owned by the whole community represented by the State ?
(A) A. Capitalist Economy
(B) B. Socialist Economy
(C) C. Mixed Economy
(D) D. Communist Economy

Suggested Answer and Working Notes:

Correct Answer: Option (B)

B. Socialist Economy

Topics: Theory of Production and Cost

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