In a ______ System, the Government Owns All of the Nation's

question 152

Multiple Choice

In a ______ system, the government owns all of the nation's major industries but still allows private ownership in less crucial areas.

• A) communism
• B) socialism
• C) capitalism
• D) mixed economy

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Definitions:

Sales Price

The final amount of money charged for a product or service, or the value that consumers are willing to pay.

Optimal Point

The most favorable position or condition that yields the maximum benefit or efficiency in a given situation, such as in investment or production.

Credit Policy

Rules a business adheres to for assessing a customer's eligibility for credit and the stipulations under which it is offered.

Opportunity Cost

The most valuable alternative that is given up if a particular investment is undertaken.