Author Question: Socialism is __________. a. an economic system based on private property and market exchange b. ... (Read 79 times)

jilianpiloj · **on:** Jul 2, 2018

Socialism is __________.

a. an economic system based on private property and market exchange
b. an economic system where the government owns property and controls production
c. an economic system organized without private property and based on the principle that individuals should be able to consume societal resources based on their needs, not their ability
d. an economic system where buyers, sellers, and producers engage in the exchange of commodities and services

Question 2

Ben was a bank teller at Goliath National Bank, until the tellers at Goliath were replaced by ATM machines. As a result, Ben decided to go back to school and update his computer skills. Ben's scenario best represents a consequence of __________.

a. the talent justification
b. the efficiency justification
c. skill-biased technological change
d. globalization