In socialist economic system ,the government—

I. is saddled with the responsibility of deciding what is produced or made in the country and how they shall be produced.

II. is typically responsible for controlling the price and supply of goods and services.

Explanation:

An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.

Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.

Socialism can be defined as an economic, social and political theory which asserts that the method of exchange, distribution, as well as the means of production of goods and services and ownership of properties should be controlled or regulated by the public (government) rather than the private sector. Thus, everyone living in the society has an equal share of the means of production used in producing the goods and services.

Hence, under socialism, the government own or control key industries. Some examples of socialist countries are Vietnam, Cuba, China,

In socialist economic system, the government who represents the people is saddled with the responsibility of deciding what is produced or made in the country and how they shall be produced. Also, prices and supply of goods and services is typically controlled by the government.

the correct answer would be a. i think tara will practice for her test because she realizes her mistake

hope i .

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