Under a System of Private Ownership, _______ Own the Means

question 23

Multiple Choice

Under a system of private ownership, _______ own the means of production.

• A)individuals
• B)unions
• C)governments
• D)communes

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Definitions:

Overhaul

A comprehensive process of inspection and repair to ensure an equipment or system operates efficiently.

Double-declining-balance Method

A method of depreciation that accelerates the depreciation of an asset by applying a fixed rate to its declining book value.

Straight-line Method

A depreciation method that allocates the cost of an asset evenly over its useful life, resulting in a constant annual depreciation expense.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting the decrease in the asset's value over time.