Socialism is an economic system characterized by:

A. private ownership of resources and market decision-making.
B. government ownership of resources and centralized decision-making.
C. cooperation, sharing, and little central government.
D. a complex structure of rules and traditions that dictates decision-making.


Answer: B

Economics

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Scarcity is the fundamental problem of the economy

a. True b. False Indicate whether the statement is true or false

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a. has more experience. b. is willing to travel two weeks out of each month, whereas worker B will not travel more than three nights a month. c. has a special certification that directly relates to her job, whereas worker B does not. d. is a young blonde woman, whereas worker B is an older, gray-haired man.

Economics

A person prefers large and small levels of national defense to medium-sized levels of national defense. This person

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Economics