Which of the Following Would Not Typically Be Managed by the Government

question 59

Multiple Choice

Which of the following would not typically be managed by the government under a socialist system?

• A)religious institutions
• B)hospitals
• C)housing
• D)meat factories

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Definitions:

Profits

The financial gain realized when the revenue earned from business activities exceeds the expenses, costs, and taxes needed to sustain those activities.

Output

The quantity of goods or services produced by a business, industry, or economy within a specific period.

Shutting Down

A short-run decision by a firm to cease production temporarily due to unfavorable market conditions.

Long Run

A period in economics where all factors of production and costs are variable, allowing for full adjustment to changes.