Question 1. Which among the following statements that describe the nature of the Soviet economy is wrong? (a) Socialism was the dominant ideology (b) State ownership/control existed over the factors of production (c) People enjoyed economic freedom (d) Every aspect of the economy was planned and controlled by the State Answer
Contrary to the incorrect statement, the Soviet economy established state control over the economic structure and was driven by the motive of social welfare. It did not encourage private ownership and entrepreneurship.
