Which of the following applies to a real-world socialistic economy?
A) private ownership of all factors of production
B) government ownership of all factors of production
C) government ownership of most of the factors of production
D) lack of central planning

Question

Quizplus · Accepted Answer

In a real-world socialistic economy, the government typically owns most of the factors of production, while allowing some private ownership. This is in contrast to a fully socialist economy where the government owns all factors of production. Private ownership of all factors of production (choice A) is more aligned with a capitalist economy, not a socialist one. Government ownership of all factors of production (choice B) is more aligned with a communist economy, which is an extreme form of socialism. Lack of central planning (choice D) is also not a characteristic of a socialistic economy, as central planning is a common feature of socialist economic systems.

Which of the Following Applies to a Real-World Socialistic Economy