What Is the Oldest of the Political-Economic Systems,and What System

question 3

Multiple Choice

What is the oldest of the political-economic systems,and what system first rose to challenge it?

• A) liberalism, first challenged by communism
• B) mercantilism, first challenged by liberalism
• C) communism, first challenged by social democracy
• D) social democracy, first challenged by mercantilism

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Definitions:

Prior Service Cost

The cost associated with the increase in pension benefits related to years of service credited in a pension plan amendment.

Straight-Line Basis

A method of calculating depreciation and amortization by evenly spreading the cost of an asset over its useful life.

Pension Retirement Benefits

Long-term benefits or compensations provided to employees upon retirement, which may include contributions made by the employer to a pension plan.

U.S. Tax Laws

The body of laws governing federal, state, and local taxation in the United States, affecting individuals, businesses, corporations, and other entities.