Question

Social insurance, sickness benefits, old age pension, etc are some social benefits provided by .....

a) state in Capitalist economy.
b) state in socialist economy.
c) state in mixed economy.
d) both (b) and (c)​

Answer 1

Answer:

b is the correct answer

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Answer 2

The correct option is d) both (b) and (c)​

Explanation:

• The states in a socialist economy only care about the people's social welfare, which includes social insurance, sickness benefits, old age pensions, and so on, but in a mixed economy, social welfare is prioritised while keeping the economy's welfare in mind from a commercial standpoint.
• Whereas, State capitalism is an economic system in which the state engages in commercial (i.e. for-profit) economic activities and nationalises the means of production as state-owned companies (including the processes of capital accumulation, centralised management and wage labor).