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Types of Economies

Quick practice

Question 1 of 5

Consider the following statements :

1. Socialistic economy emphasised collective ownership of the means of production.

2. Communist economy advocated state ownership of all properties. 

Which of the statements given above is/are correct ?

A

2 only

B

1 only

C

Neither 1 nor 2

D

Both 1 and 2

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