United States of Mahan (USM) is a nation in which industries like steel,communications,electricity,railways,education,and health care are owned by the government.The leaders of the nation believe that it is detrimental to the public's interest to allow such core industries to be owned by private firms.However,private ownership is encouraged in industries like restaurants,entertainment,and retail shops,which have a lower impact on social welfare.Which of the following economic systems has USM adopted?

A) Capitalism
B) Socialism
C) Individualism
D) Communism

Question

Static Voltage · Accepted Answer

Final Answer : B, Explanation :  Socialism is characterized by the government owning and controlling major industries that are considered vital to the welfare of the public, while allowing private ownership in less critical sectors. This description matches the economic system adopted by the United States of Mahan.

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