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.
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\(\begin{array}{c|c} \text{Number of Men} & 1 & 2 & 3 & 4 & 5 & 6 & 7 &...
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