Socialism in Theory Is Based on the Principle That Individuals

question 140

Multiple Choice

Socialism in theory is based on the principle that individuals should:

• A) look out for their own interests and let the government look out for the public interest.
• B) rely on the government to meet their needs.
• C) cooperate with one another to meet their needs.
• D) compete with one another to meet their needs.

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Definitions:

Import Quota

A restriction enforced by the government on the volume or price of merchandise that may be imported into a country.

Tariff

A tariff is a tax imposed by a government on imported or exported goods to regulate trade, often to protect domestic industries.

Free Trade

An economic policy that allows imports and exports between countries with minimal governmental restrictions or tariffs.

Consumer Surplus

The discrepancy between the sum consumers are ready and capable of paying for a service or product and the sum they actually spend.