Socialism and communism both call for________________?
Correct answer: A. government controlling parts of the economy for the common good
- A. government controlling parts of the economy for the common good
- B. revolutionary change
- C. abolition of private property
- D. totalitarian government and dictatorship of the proletariat
Explanation
Both socialism and communism assign the state a major role in directing economic resources for collective welfare. Abolition of all private property and proletarian dictatorship are more specifically associated with communism, so option a is the shared feature.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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