engineering english MCQ #889

The passage compares the characteristics of different economic systems. What is the primary difference between capitalism and socialism?

engineering english MCQ #889

  1. Question 1

    Q1. The passage compares the characteristics of different economic systems. What is the primary difference between capitalism and socialism?

    • A) Role of government in the economy
    • B) Level of economic inequality
    • C) Type of economic planning
    • D) Ownership of the means of production

    Answer: Ownership of the means of production

    Explanation: The primary difference between capitalism and socialism lies in the ownership of the means of production, with capitalism favoring private ownership and socialism advocating for collective or state ownership.