Which of the following are true? 

a) In a socialist economy only those goods and services are produced that are demanded domestically and globally.

b) In a socialist economy government owns all the resources of the country.

c) In a socialist economy, desires of individual consumers are given great importance.

Only b

Desires are not catered in a socialist economy rather needs of the society are addressed.

A socialist society answers the three questions in a totally different manner. In a socialist society the government decides what goods are to be produced in accordance with the needs of society. It is assumed that the government knows what is good for the people of the country and so the desires of individual consumers are not given much importance. The government decides how goods are to be produced and how they should be distributed. In principle, distribution under socialism is supposed to be based on what people need and not on what they can afford to purchase. Unlike under capitalism, for example, a socialist nation provides free health care to all its citizens. Strictly, a socialist society has no private property since everything is owned by the state. In Cuba and China, for example, most of the economic activities are governed by the socialistic principles.