Which of the Following Is True of Communism

question 69

Multiple Choice

Which of the following is true of communism?

• A)It eliminates economic inequality in its ideal-typical form.
• B)It is a transitional form of economic organization between capitalism and socialism.
• C)Its primary motive is profit.
• D)It emphasizes private ownership of the means of production.

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Definitions:

Estimated Overhead Cost

The expected indirect costs of production or operations, such as utilities and rent, that do not directly tie to a specific product.

Facility-level Costs

Costs that are incurred to maintain and operate a physical facility or plant, applicable regardless of production volume or the products made.

Activity-based Costing

An accounting method that allocates overhead costs to products based on the activities that consume resources.

Predetermined Activity Rates

Rates established prior to the period of use, determining the cost allocation for various activities in activity-based costing.