Socialism is best described as
A) a kind of command economy in which the government owns and operates all industries.
B) a kind of command economy in which the government owns and operates large critical industries.
C) an economy that is free from any regulation or planning.
D) a market economy in which markets decide what, when, and how much to produce.
E) an economic system with elements of a market economy, but not a planned economy.

Question

Quizplus · Accepted Answer

Socialism is an economic system in which the means of production are owned and controlled by the state or by the workers themselves. In a socialist economy, there is usually a significant degree of government control over the economy, but not necessarily complete ownership of all industries. Option B describes a kind of command economy in which the government owns and operates large critical industries, which is a common feature of socialist economies.

Socialism Is Best Described as