Which among the following statements describe the nature of the Soviet economy is incorrect:

People enjoyed economic freedom

The correct answer is Option 3: People enjoyed economic freedom

Option 1- Socialism was the dominant ideology
Option 2- State ownership/control existed over the factor of production
Option 3- People enjoyed economic freedom (INCORRECT)
Option 4- Every aspect of the economy was planned & controlled by the state

CORRECTION: People did not enjoy any economic freedom in the SOVIET UNION.

The Union of Soviet Socialist Republics (USSR) came into being after the socialist revolution in Russia in 1917. The revolution was inspired by the ideals of socialism, as opposed to capitalism, and the need for an egalitarian society. This was perhaps the biggest attempt in human history to abolish the institution of private property and consciously design a society based on principles of equality. In doing so, the makers of the Soviet system gave primacy to the state and the institution of the party. The Soviet political system centred around the communist party, and no other political party or opposition was allowed. The economy was planned and controlled by the state

The Soviet Union became a great power after the Second World War. The Soviet economy was then more developed than the rest of the world except for the US. Socialism was the dominant ideology. It had a complex communications network, vast energy resources including oil, iron and steel, machinery production, and a transport sector that connected its remotest areas with efficiency. It had a domestic consumer industry that produced everything from pins to cars, though their quality did not match that of the Western capitalist countries. The Soviet state ensured a minimum standard of living for all citizens, and the government subsidised basic necessities including health, education, childcare and other welfare schemes. State ownership was the dominant form of ownership: land and productive assets were owned and controlled by the Soviet state.