Question

The term socialism refers to which of the following? a. An economic system characterized by government ownership of resources and centralized allocation b. An economic system characterized by private ownership of resources and decentralized market-price allocation c. A religion centered on community interaction d. An economic system characterized by voluntary allocation

Answer 1

Answer: D. An economic system characterized by voluntary allocation

Explanation: Socialism promotes or encourages the need for production, distribution and exchange to be run by community at large instead of only the government running the affairs of the community.

Socialism is a shared responsibility for the production and distribution of resouces between individuals in the community or a group. It is the economic and political theory that encourages individuals to do things collectively for the common goal of the society.