A Major Distinguishing Feature Between Capitalist and Socialist (Or Command)economies

question 173

Multiple Choice

A major distinguishing feature between capitalist and socialist (or command) economies is that

• A)under capitalism the average citizen is always wealthier than in socialist economies
• B)decision making is typically decentralized in socialist economies and is centralized in capitalist economies
• C)socialist countries all have red flags and capitalistic economies do not
• D)resources are publicly owned in capitalist economies
• E)decision making is typically decentralized under capitalism while it is centralized in command economies

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Definitions:

Greatest Happiness

A principle stating that actions are right in proportion as they tend to promote overall happiness, identifying happiness with the maximum pleasure and minimum pain.

Rule Consequentialism

An ethical theory that suggests the moral correctness of an action depends on the consequences of following rules that are designed to promote the greatest good.

Classical Utilitarians

Philosophers such as Jeremy Bentham and John Stuart Mill who advocated for utilitarianism, a moral theory that actions are right if they result in the greatest happiness for the greatest number of people.

Act Consequentialists

Ethical theorists who evaluate the morality of an action based solely on the outcomes or consequences it produces.