Socialism is correctly described by which of the following statements?
A) Central planning is used exclusively to answer the basic economic questions.
B) Markets are used exclusively to answer the basic economic questions.
C) Tradition is used exclusively to answer the basic economic questions.
D) Government ownership of many resources and centralized decision-making answers the basic economic questions.

Question

Quizplus · Accepted Answer

Socialism is an economic system where the means of production are owned and controlled by the state or community as a whole, rather than by private individuals. In this system, the government owns many resources and uses centralized decision-making to answer the basic economic questions. Central planning is used to coordinate production and distribution, and markets are less important or may not exist at all. Tradition is not a major factor in socialist economies.

Socialism Is Correctly Described by Which of the Following Statements