Identify a True Statement About a Socialist System of Economy

question 65

Multiple Choice

Identify a true statement about a socialist system of economy.

• A)Individuals own and operate the majority of businesses that provide goods and services.
• B)Central planning determines what basic goods and services are produced.
• C)Competition,supply,and demand determine which goods and services are produced and how they are produced.
• D)All economic decisions are made without government intervention.
• E)Consumers have a wide choice of goods and services.

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Definitions:

Saltwater

Water containing a significant concentration of salts, typically found in oceans and seas, as opposed to freshwater in lakes and rivers.

Diagram

A simplified drawing or plan that represents the components or workings of something, typically used to explain how it functions or is structured.

Freshwater

Water that has a low salt concentration, typically found in rivers, lakes, and streams, and essential for drinking, agriculture, and sanitation.

Diagram

A simplified drawing showing the appearance, structure, or workings of something, typically used to explain how it functions.