Of the Following Countries Which Are Recognized as Socialist Systems

question 105

Multiple Choice

Of the following countries which are recognized as socialist systems?

• A)Sweden.
• B)Greece.
• C)Canada.
• D)All of these countries have socialist systems.

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Definitions:

Perfectly Elastic

Describes a situation where the quantity demanded or supplied responds infinitely or extremely to changes in price.

Highly Inelastic

Describes demand that is hardly responsive to changes in price, typically for necessities where consumption does not decrease significantly with a price increase.

Total Profit

The overall financial gain made by a business after subtracting all expenses from total revenue.

Graph

A diagram representing a system of connections or interrelations among two or more things by a number of distinctive dots, lines, bars, etc.