Podcast
Questions and Answers
Which type of economy is characterized by private ownership and control over means of production?
Which type of economy is characterized by private ownership and control over means of production?
- Socialist economy
- Capitalist economy (correct)
- Mixed economy
- Command economy
What is the main difference between a capitalist economy and a socialist economy?
What is the main difference between a capitalist economy and a socialist economy?
- Degree of individual freedom
- Control over resources
- Ownership of means of production (correct)
- Profit motive
What is the basis for differentiating economic systems according to the text?
What is the basis for differentiating economic systems according to the text?
- Profit motive
- Collective welfare
- Degree of individual freedom
- Ownership and control over means of production (correct)
Which type of economy is characterized by collective ownership and control over means of production?
Which type of economy is characterized by collective ownership and control over means of production?
Which type of economy is characterized by both private and public ownership and control over means of production?
Which type of economy is characterized by both private and public ownership and control over means of production?
True or false: Capitalism is a political, social, and economic system in which property is owned and controlled for the collective welfare of the society as a whole?
True or false: Capitalism is a political, social, and economic system in which property is owned and controlled for the collective welfare of the society as a whole?
True or false: In a capitalist economy, resources or means of production can be in private ownership with full individual freedom to use them for the profit motive?
True or false: In a capitalist economy, resources or means of production can be in private ownership with full individual freedom to use them for the profit motive?
True or false: The main characteristics of a capitalist economy will be discussed in detail later in the text?
True or false: The main characteristics of a capitalist economy will be discussed in detail later in the text?
True or false: A socialist economy is characterized by private ownership and control over means of production?
True or false: A socialist economy is characterized by private ownership and control over means of production?
True or false: The basis for differentiating economic systems is the degree of individual freedom and profit motive?
True or false: The basis for differentiating economic systems is the degree of individual freedom and profit motive?
