Robert Believes That Social and Economic Equality Can Be Obtained

question 48

Multiple Choice

Robert believes that social and economic equality can be obtained only by establishing an economic system in which the government owns and controls all types of economic activity.However,he does not think of himself as a communist,but as a socialist.Which of the following statements about Robert is true?

• A) Robert does not believe that a violent revolution is needed to seize control over resources.
• B) Robert does not think that political dissidents should go unpunished.
• C) Robert believes that the pricing of goods should be left to the discretion of laborers.
• D) Robert believes that the means of production should be owned by the people who use them.

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Definitions:

Accounts Receivable Period

The average number of days it takes a company to collect payments owed by its customers, indicating the efficiency of a company's credit and collections policies.

EOQ Model

Economic Order Quantity Model, a formula used by businesses to determine the optimal quantity to order that minimizes total inventory costs.

Optimal Order Size

The quantity of stock that minimizes both ordering and holding costs in inventory management, often determined by the Economic Order Quantity model.

Credit Policy

A set of guidelines that a company follows to determine credit terms for customers, including payment terms, credit limits, and how to manage past-due accounts.