In a Country,the State Owns All Major Productive Resources from Electricity

question 3

Multiple Choice

In a country,the state owns all major productive resources from electricity to transportation.The country has very few opportunities for entrepreneurship and the economic classes are absent.The economy of this country is characterized by which of the following economic systems?

• A) anarchism
• B) communism
• C) capitalism
• D) socialism
• E) mixed

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Definitions:

Accountant Negligence

A situation where an accountant fails to perform their duties with the required level of care and accuracy, leading to financial loss.

Professional Standards

The established practices, behavior, and ethical guidelines that professionals are expected to adhere to in their occupation.

Liability Threat

A potential for being held responsible under law for injury or damage, posing a risk to individuals or organizations.

Ordinarily Prudent Person

A legal standard used to represent how the average person would responsibly act in a particular situation.