The form of economic organization in which individuals may own private property but in which the government owns and operates productive resources is called
A) communism.
B) capitalism.
C) socialism.
D) utilitarianism.
C
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Which of the following market structures describes an industry in which a group of firms formally agree to control prices and output of a product?
a. Perfect competition. b. Monopoly. c. Oligopoly. d. Cartel. e. Monopolistic competition.
Economics is the study of how people
a. vote for political leaders who decide what is to be produced b. make choices to produce and consume goods and services c. create social institutions that maximize economic well-being d. develop value systems that affect their consumption choices e. form customs and traditions that influence consumption
An example of perfect competition is when
a. many sellers compete and none control the market price b. several electronic companies form a cartel c. a seller decides to sell clothing, including shirts and jeans d. a seller is misinformed causing him or her to overprice goods
When a firm is experiencing diminishing returns:
A. average cost is always increasing. B. average cost is always decreasing. C. marginal costs are always less than average costs. D. None of these