Wayne Doyle

Social Studies

10 April, 07:10

Read the description of an imaginary country's economic system. In this country, the government tells an appliance factory that it must produce a minimum of one thousand refrigerators. People are assigned jobs at the factory based on their abilities, and the government determines how much they will be paid. The government decides how much a new refrigerator will cost. Which statement explains why this is a description of a socialist country? Workers are paid based on seniority. The government is making all the economic decisions. The factory is owned by individuals. The law of supply and demand determines price.