In which of the following economies, all productive resources are owned and controlled by the government? || ADRE 1.0 SLRC 2022 PAPER-III SOLVED QUESTIONS
In which of the following economies, all productive resources are owned and controlled by the government?
(A) Socialist
(B) Capitalist
(C) Mixed
(D) Dual
Answer: A) Socialist
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Explanation:
In a socialist economy, all productive resources are owned and controlled by the government. The state plans and controls the economy, with the aim of ensuring equal distribution of wealth and resources among the population. This contrasts with a capitalist economy, where resources are primarily owned by private individuals and businesses, and a mixed economy, which features both private and government ownership of resources. A dual economy typically refers to an economy that has both modern and traditional sectors coexisting.
This question tests knowledge of economic systems and was previously asked in ADRE's SLRC-2022 Paper-III, highlighting its relevance for candidates preparing for competitive exams.
Why this question is important?
Understanding different economic systems is crucial for competitive exams like ADRE, as it reflects awareness of fundamental economic concepts and their applications.
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