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GOVERNMENT

JAMB 2011 - Question 14

Government 2011 JAMB Past Questions - Question 14: In a socialist economy, private accumulation of wealth is

Choose the most appropriate option for the gap .

In a socialist economy, private accumulation of wealth is

A: limited

B: encouraged

C: prohibited

D: regulated

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Correct Answer

Explanation

In a socialist economy, privateaccumulation of wealth is prohibited./- Socialism is an Economic and political system whichadvocates that the means of production and distribution as well asmanagement" of land and capital, should be owned, controlled and managedby the public.