Which of the Following Is a Characteristic of Socialism

question 2

Multiple Choice

Which of the following is a characteristic of socialism?

• A) Rejection of central planning.
• B) Government ownership of all factors of production.
• C) Government ownership of most of the factors of production.
• D) Private ownership of all factors of production.

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Definitions:

Price

The amount of money expected, required, or given in payment for something, reflecting the value that customers pay for goods or services.

Substitutes

Products or services that can replace each other in use, offering consumers choices in the marketplace.

Demand Curve

A graphical representation showing the relationship between the quantity of a good consumers are willing and able to purchase and its price.

Income

Money that an individual or business receives in exchange for providing a good or service or through investing capital.