Question : Which of the following statements is correct regarding the socialist society in the economy?
I. The government decides what goods are to be produced.
II. Distribution of goods under socialism is supposed to be based on what people need.
Option 1: Only I
Option 2: Neither I nor II
Option 3: Both I and II
Option 4: Only II
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Correct Answer: Both I and II
Solution : The correct option is Both I and II.
In a socialist system, there can be different degrees of government involvement, ranging from limited regulation and social ownership to more extensive control over the means of production.
In a socialist economy, the emphasis is often on meeting the needs of the population rather than allowing the market forces of supply and demand to determine distribution. The government or the community may play a significant role in planning and controlling the production and distribution of goods to ensure that basic needs are met.
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