Author Question: A difference between capitalism and socialism is that: A) socialism is based on private ownership ... (Read 143 times)

dbose · **on:** Jul 1, 2018

A difference between capitalism and socialism is that:

A) socialism is based on private ownership of property; capitalism is based on collective ownership of property.
B) in capitalism, profits are accumulated by the state; in socialism, individuals accumulate profits.
C) in capitalism, the state is responsible for economic planning; in socialism, the state is not involved in economic planning.
D) capitalism focuses on providing social services to people; socialism places more importance on competition than providing social services.
E) socialism forbids private profits that are fueled by greed and exploitation of workers; exploitation of workers is common in the capitalist system.

Question 2

Which of the following statements is true of oligopolies?

A) They stifle competition.
B) They lower prices.
C) They are considered illegal.
D) They offer many product options for consumers.
E) They lead to a free market.