Question

4. State whether the following statements are true or
false. Give reasons.
(i) There exists complete equality of income in a
socialist economy.
(ii) All means of production are owned by the state
in a mixed economy.
(iii) India is a developing economy.​

Answer 1

Answer:

1. False

2. True

3. True

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Answer 2

Answer:

1) False.

Reason: Because complete equality of income is neither possible nor desirable under socialism.

2) False.

Reason : Because all means of production are owned by the state as well as by private people in a mixed economy.

3) True.

Reason: Because of low per capita income, higher population below poverty line, poor infrastructure, agriculture based economy. Hence, all this make India as a developing country.