Socialism Is Correctly Described by Which of the Following Statements

question 28

Multiple Choice

Socialism is correctly described by which of the following statements?

• A) Central planning is never used  to answer the basic economic questions .
• B) Markets are used exclusively to answer the basic economic questions.
• C) Tradition is used exclusively to answer the basic economic questions.
• D) Government ownership of many resources and centralized decision-making answers the basic economic questions.

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Definitions:

Visuals

Elements that are designed to be seen, such as photographs, charts, and diagrams, used to communicate information or ideas.

Primary Aspects

Fundamental elements or characteristics that are central to understanding or analyzing a subject or issue.

Area Chart

A type of graph that represents quantified values as areas under a line, often used to track changes over time.

Construction

The process of building or assembling infrastructure, buildings, or other physical structures from a design, involving various trades and materials.