Which of the Following Is a Difference Between Communism and Socialism,as

question 1

Multiple Choice

Which of the following is a difference between communism and socialism,as described by the text?

• A)Under socialism,the government owns some firms,but under communism,the government does not own any major assets.
• B)Under communism,the government assumes total management of the economy,whereas under socialism,the government does not try to manage the overall economy.
• C)Under socialism,the economy operates mainly through private transactions,but under communism,the government owns a number of major industries and tries to provide for people's basic economic needs.
• D)Under communism,the government manages the economy completely but does not attempt to provide for people's basic needs; under socialism,the government does not manage the economy completely,but does attempt to provide for people's basic needs.
• E)Under socialism,the government owns more industries than a communist government,but provides less direct benefit for individuals' welfare.

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Definitions:

Total Revenue

Total Revenue is the total income generated by a firm from selling its goods or services, calculated as the unit price multiplied by the quantity sold.

Quantity Demanded

Quantity demanded is the total amount of a good or service that consumers are willing and able to purchase at a specific price point, holding other factors constant.

Price Elasticity of Demand

measures how much the quantity demanded of a good responds to a change in the price of that good, quantified as the percentage change in quantity demanded divided by the percentage change in price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price, holding all else constant.