Which of the following is a correct characterization of socialism?
A) Tradition answers the basic economic questions.
B) Markets are used exclusively to answer the basic economic questions.
C) Central planning is seldom used to answer the basic economic questions.
D) Government ownership of many resources and centralized decision-making answers the basic economic questions.
Correct Answer:
Verified
Q16: Which of the following statements best describes
Q17: Discuss the three basic types of economic
Q18: Which of the following statements is true
Q19: Who was one of the first proponents
Q20: In a market economy:
A) collective decision-making is
Q22: The freedom of consumers to cast their
Q23: Socialism is correctly described by which of
Q24: Describe the differences between capitalism and socialism.
Q25: A classless society and economic system where
Q26: Property rights allowing individuals to own goods,
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