Socialism is defined as
A. an economic system in which the people compete freely, within minimal government intervention.
B. an economic system under which all property is communally owned and no social distinctions are made on the basis of people's ability to produce.
C. an economic system under which the means of production and distribution are collectively owned.
D. an economic system in which the means of production are largely in private hands and the main incentive for economic activity is the accumulation of profits.
Answer: C
You might also like to view...
Which of the following is not one of Kotre's (2005) types of generativity?
a. cultural generativity b. agentic generativity c. personal generativity d. technical generativity
Walter Miller found that all of the following concepts were valued by lower-class delinquent subcultures EXCEPT:
a. courting trouble without getting caught b. orientation toward the future c. risking danger d. toughness
The racial composition of welfare families is
a. fairly evenly distributed across racial and ethnic groups. b. predominantly African American. c. predominantly Latina(o). d. predominantly Native American.
The state sided with religion when it clashed with national institutions over the issue of __________?
a. the Pledge of Allegiance b. peyote c. polygamy d. widow burning