In the small nation of Equalia,the government owns several of the key businesses and provides a wide range of social services.The government places a great deal of emphasis on eliminating large disparities in people's incomes.These features of Equalia's economy are consistent with a socialist economic system.
Level of Learning 3: Application of principles

Question

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The description of Equalia's economy suggests that it operates under a socialist economic system, which is characterized by state ownership of key industries and a focus on reducing income inequality through social services and policies.

In the Small Nation of Equalia,the Government Owns Several of the Key