A major disadvantage of a socialist economy is that
...A major disadvantage of a socialist economy is that
Corruption is rampant
Consumer's sovereignty is lost
Income inequality is entrenched
There is high level of unemployment
Correct answer is A
One of the major criticisms of socialism are that socialist countries have a tendency to develop too many layers of bureaucracy, which leads to corrupt practices. The government controls much of the economy's resource. They decides the whats, whens, and hows of production.
All the following are specific examples of indirect tax except ...
The minimum number of shareholders for a joint stock company is ...
The following are the differences between domestic and international trade EXCEPT ...
The reward for capital is___________ ...
One of the ways by which the government can speed up economic development is through the ...
What is the percentage contribution of services to the national income? ...
The stability of Nigerian economy depends mainly on the export price of ...
The backward bending supply curve of labour indicates? ...
If petrol is no longer needed to produce energy, then demand for crude oil ...