Which of the following is not one of the three principal components of a socialist economy?
A) Government ownership of the means of production
B) Workers directed by a government planning board as to where they will work and how much they will be paid
C) Entrepreneurs are encouraged by the profit motive, rather than government directive, to satisfy consumer wants in the most efficient manner possible
D) Distribution is according to need
Correct Answer:
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Q18: Limited liability is a key advantage of
Q19: Private property rights are essential to market
Q20: Households supply factors of production to businesses
Q21: Capitalism and socialism have not existed forever.
Q22: In contrast to the capitalism of the
Q24: Most economies today are:
A) pure market economies.
B)
Q25: In a feudalist society, in comparison with
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
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