Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Indian Economy:1950-1990

Question:
What is the primary decision-making authority in a socialist society?
Options:
Market forces
Consumer demand
Government
Private sector
Correct Answer:
Government
Explanation:
In a socialist society, the government decides what goods are to be produced, how they are to be produced, and how they should be distributed. The government plays a central role in decision-making and planning in a socialist system.