Which of the following terms refers to an economic system in which the government owns and...

Which of the following terms refers to an economic system in which the government owns and controls all types of economic activity?

Group of answer choices

a. pluralism

b. sovereign nationalism

c. political bureaucracy

d. socialism

Expert Solution

Answer: (D)

Socialism is characterized by the presence of only government dominance in economic activities. All the economic decisions are taken by the government designated agencies.

There is no place for the demand and supply forces in the market.

Rahul Sunny answered 3 years ago

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