_____ is also referred to as state capitalism.
A) Crony capitalism
B) Mercantilism
C) Welfare capitalism
D) Totalitarianism
E) Corporate capitalism
Question 2Which of the following is a reason for the failure of communism?
A) Widespread corruption
B) Intense competition
C) Excessive focus on profit
D) Private ownership of means of production
E) Presence of oligopolies
Question 3Which of the following best defines communism?
A) A political and economic system in which there is common ownership of property and all people are considered equal
B) An economic system based on private ownership of property and competition in producing and selling goods and services
C) An economic system that combines private ownership of property and market competition
D) A political and economic system in which the state controls the lives of citizens but permits some degree of individual freedom
E) A political system in which the government controls almost every aspect of people's lives
Question 4Which of the following is a characteristic of socialism?
A) It is based on private ownership of property.
B) It highly recommends market competition.
C) It encourages people to accumulate individual profits.
D) It encourages private investments.
E) It is based on collective goals.
Question 5A 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.
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