Communism Is an Economic System in Which

question 117

Multiple Choice

Communism is an economic system in which

• A) the means of production are largely in private hands, and the main incentive for economic activity is the accumulation of profits.
• B) all property is communally owned and no social distinctions are made on the basis of people's ability to produce.
• C) the means of production and distribution are collectively owned.
• D) None of these answers is correct.

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Definitions:

Expense Account(s)

Accounts used to record the costs incurred in the operation of a business, such as rent, utilities, and salaries, which are used to calculate net income.

Assets

Resources owned by a business that have economic value and can be used to meet debts or commitments.

Companionship

A close relationship between individuals where they share company and support, often providing emotional comfort and friendship.

Widowed

Refers to the status of a person whose spouse has died and who has not remarried.