Only in Communist Countries Do Governments Own the Factors of Production

question 89

True/False

Only in communist countries do governments own the factors of production.

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Definitions:

Consumers Demand

The desire of purchasers, consumers, or clients for a particular commodity or service supported by purchasing power.

Least Possible Cost

The minimum expenditure necessary to achieve a specific outcome or procure a good or service, often used in the context of production or economic theory.

Positive Economics

The branch of economics that focuses on objective analysis and facts to describe how economies actually work.

Efficient Market

A market in which all available information is fully and immediately reflected in asset prices, thus making it impossible to consistently achieve higher returns on investment than average market returns on a risk-adjusted basis.