Question

Which statement is characteristic of a communist system? Choose four answers.
The government controls the means of production.
Prices and wages are set by supply and demand.
The government regulates a centrally planned economy.
O Entrepreneurs are encouraged to take risks.
O Prices and wages are set by the government.
Businesses are free to follow their own best interests.
A single authoritarian party holds complete power.

Answer 1

The statements that tells us of communism are options A, C, E, G:

• The government controls the means of production.
• The government regulates a centrally planned economy.
• Prices and wages are set by the government.
• A single authoritarian party holds complete power.

What is communism?

This is used to refer to the economic system where the means of demand and supply lies in the hands of the government.

This system does not allow for innovation and it is practiced in socialist nations such as China.

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