Which of the Following Is Correct with Regard to the Issue

question 103

Multiple Choice

Which of the following is correct with regard to the issue of different economic systems?

• A) There is a general consensus that command economies are more efficient than market economies because a centralized government can consider a wider range of economic factors when decisions are made.
• B) In recent years, more and more countries have rejected communism and embraced more market-based economies.
• C) Socialism is the most extensive command economic system because government owns all the major industries.
• D) A GlobeScan poll of 20 000 people in 20 different countries showed that support for a free market economy was most pronounced in Singapore.
• E) All of these are correct.

---

Definitions:

Bias

A preconception or inclination towards something, potentially leading to unfair judgments or decisions in various contexts.

Incremental Overhead

The additional indirect costs incurred due to a change in business activities, such as an increase in production volume.

Income Taxes

Taxes levied by a government directly on income, especially an annual tax on personal or corporate earnings.

Sunk Costs

Sunk costs are expenses that have already been incurred and cannot be recovered.