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

question 25

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 does,but it provides less direct benefit for individuals' welfare.

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Definitions:

Actual Cost

The actual expense incurred to acquire an asset or service, including all amounts spent to bring the item to a usable condition and location.

Fixed Factory Overhead Volume Variances

The difference between budgeted and actual fixed overhead costs, attributed to variations in production volume.

Normal Capacity

The average production or operating levels that a company can sustain under normal circumstances over a period.

Direct Materials Price Variance

The difference between the actual cost of direct materials and the standard cost, multiplied by the actual quantity purchased.