A Communist economy advocates State ownership of all properties including labour in the economy Abso...........

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A Communist economy advocates

State ownership of all properties including labour in the economy
Absolute power to state in running and managing the economy

Which of the above is/are correct?

1 only

2 only

Both 1 and 2

None

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Explanation:

Communism is an economic system where the collective owns the factors of production. The four factors of production are labor, entrepreneurship, capital goods and natural resources.

The following form major features of the communist economies:

Abolition of property in land and application of all rents of land to public purposes.
A heavy progressive or graduated income tax.
Abolition of all right of inheritance.