Which of the following statements is false? A. Government owns the means of prod

Question

Which of the following statements is false?

A. Government owns the means of production in a socialist economy while individuals own the means of production in a capitalist economy. B. The government allocates jobs in a socialist economy while individuals determine employment in a capitalist economy. C. Production is planned by government in a capitalist economy while businesses typically plan production in a socialist economy. D. The government determines prices in a socialist economy while markets determine prices in a capitalist economy.

Explanation / Answer

Under Capitalist economy system, the means for producing and distributing goods (the land, factories, technology, transport system etc) are owned by a small minority of people

The majority of people must sell their ability to work in return for a wage or salary.

So Option 'C' is false

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