Although the chairman of its Board of Governors is appointed by ...

[natalie2426]

Although the chairman of its Board of Governors is appointed by the Treasury Department, the Fed operates with considerable independence from the executive branch of the government.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

What is the difference between socialism and communism? What are some examples of countries that are largely socialistic and some that are communistic?

[momolu]

Answer to Question 1

False

Answer to Question 2

Communism is a socialist economic system that is controlled by a government that was not democratically elected (through free and open elections); whereas, socialist countries have governments which have been democratically elected. The old Soviet Union and its satellites were examples of communist nations. The only remaining communist nations are China, Cuba, North Korea and Vietnam. On the other hand, one can observe many democratic socialist states in varying degrees around the world. Examples of such countries would include the Scandinavian nations, like Norway and Denmark.