Market and socialist economies can be contrasted in all the following ways except that:
A) under a market economy labor is allocated by individual choice based on wage levels; under traditional socialism it is allocated by a government planning board.
B) under a market economy government plays no role in the market; under socialism, government planning boards make most major economic decisions.
C) under a market economy the distribution of income is to each according to his ability, effort, and inheritance; under ideal socialism the distribution of income is to each according to his need.
D) under a market economy self-interest is the primary motive of economic activity; under socialism, individuals are supposed to act from considerations of the general good.
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Q26: The Industrial Revolution was important to the
Q27: In principle, socialism is:
A) less concerned about
Q28: Capitalism:
A) is based on private property and
Q29: Suppose that at the current price, waffle
Q30: In the mercantilist system:
A) markets, rather than
Q32: In socialism:
A) economic forces do not operate.
B)
Q33: Through most of the 20th century in
Q34: In practice, distribution under socialism is primarily
Q35: A socialist economy in theory:
A) requires private
Q36: Socialism in theory is based on the
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