A System in Which the Government Essentially Owns and Controls

question 139

Multiple Choice

A system in which the government essentially owns and controls all production is called

• A)capitalism.
• B)socialism.
• C)a market system.
• D)a laissez faire system.
• E)a mixed economy.

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Definitions:

Consumption

The employment of goods and services within home environments.

Income

Monetary payment received for work or through investments.

Interest Rate

The fraction of a loan that incurs interest costs for the borrower, usually described as an annual percentage rate.

Utility Function

A mathematical representation of how a consumer's satisfaction or preference for goods and services is dependent on their consumption levels.