Socialism Is Correctly Described by Which of the Following Statements

question 28

Multiple Choice

Socialism is correctly described by which of the following statements?

• A) Central planning is used exclusively to answer the basic economic questions.
• B) Markets are used exclusively to answer the basic economic questions.
• C) Tradition is used exclusively to answer the basic economic questions.
• D) Government ownership of many resources and centralized decision-making answers the basic economic questions.

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Definitions:

Flexible Budget

A flexible budget that varies with activity levels or volume, enabling more precise budgeting and analysis of discrepancies.

Facility Expenses

Costs associated with the physical management and maintenance of buildings or structures.

Tenant-Days

A metric used in the hospitality and rental industry to measure the total number of days that tenants occupy a rented space.

Planning Budget

A financial plan that outlines anticipated revenues, expenses, and resources over a specific period.