What Is the Economic System Based on Collective Ownership of the Means

question 18

Multiple Choice

What is the economic system based on collective ownership of the means of production and collective distribution of goods and services called?

• A) capitalism
• B) classical liberalism
• C) communism
• D) socialism

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Definitions:

Chesapeake Affair

A significant diplomatic conflict in 1807 between the United Kingdom and the United States, arising from the British navy's attack on the American ship USS Chesapeake.

Embargo Act

Historical legislation aimed at prohibiting trade between a specific country and others, often used as a tool of foreign policy.

American Merchant

A term referring to individuals or businesses engaged in the trade or commerce of goods, services, or commodities in the United States.

Textile Mill

A factory for the production of fabrics, where raw fibers like cotton and wool are spun, woven, and dyed.