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which of these describes the economic system of socialism?
A)The government owns and forcibly controls all means of production.

B)The government dictates which goods are produced and in what quantity.

C) The citizens own and produce enough to meet the needs of their families.

D)Consumer demand determines what and how much is to be produced.
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Deepika Mirchandani
Deepika MirchandaniLv5
10 Sep 2020

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Related questions

In terms of production, what best describes the difference between capitalism and socialism?

1 Capitalism is a system in which goods are made by private businesses, but socialism stresses government control on production.
2 Capitalism is a system in which the government controls production, but socialism stresses production by private businesses.
3 Capitalism is a system in which people pursue their own self-interests, but socialism stresses an equal distribution of wealth.
4 Capitalism is a system in which government should “plan” the economy, but socialism stresses that the free-market dictates production.

Please answer all of the following multiple choice questions... Thankyou!

1. International officials and business leaders have gathered to discuss free-trade policies. Outside their summit, protesters shout, "People before profit." These activists most likely align with which economic theory? (5 points)
Adam Smith's unregulated supply and demand
John Maynard Keynes's limited government intervention
John Maynard Keynes's mixed market forces
Karl Marx's collapse of capitalism
2. Marx would most likely support a plan for (5 points)
government ownership of most production
creating a worldwide free trade agreement
eliminating income taxes on the wealthy
income taxes based on ability to pay
3. Supply and demand determines prices levels for goods and services in a (5 points)
market economy
traditional economy
demand economy
command economy
4. Which of the following describes a developed/advanced nation? (5 points)
A high gross domestic product and a low per capita income
A high Human Development Index and a high per capita income
A low gross domestic product and a low standard of living
A low Human Development Index and a high standard of living
5. Development may be inhibited in command economies because (5 points)
government controls productivity
businesses focus on subsistence agriculture
businesses prevent specialization
individuals prohibit industrialization
6. Which of the following economic goals focuses on funding technological advances in production? (5 points)
Efficiency
Equity
Freedom
Security
7. The government institutes a new job-training program to prepare economically disadvantaged citizens for higher-paying, technologically advanced jobs. This action benefits the goal of equity by (5 points)
ensuring workers are more productive
helping minimize the education gap
raising government spending
reducing unemployment


Shortages, price controls, and queues.


During the late 1980s and early 1990s, economic reforms initiated by Soviet President Mikhail Gorbachev began to raise consumer incomes; but the Soviet government continued to impose price ceilings on basic goods like food, clothing, household goods. As a result, there were severe shortages of many goods and long lines at all kinds of stores became common. Then, in January 1992, the new Russian government, under President Boris Yeltsin, removed retail price controls on most goods. Within a month, prices more than doubled on average and lines disappeared.


Analyze these events using the supply and demand model.


First draw a supply and demand diagram for some common good, i.e., butter, showing the market in equilibrium before the beginning of the Gorbaachev reforms. Next, use shifts of the appropriate curves to show why the combination of rising incomes plus price ceilings produced shortages and lines. Finally, show what happened when price controls were removed in 1992.



EDIT: I really don't need any graphs (if you don't have time for that), though it would help me understand this better. I just need to understand, "use shifts of the appropriate curves to show why the combination of rising incomes plus price ceilings produced shortages and lines. Finally, show what happened when price controls were removed in 1992."


I have tried working this out, but I need someone to compare to. Thank you

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