Homework SourseWhich of the following statements is false A Government owns
Which of the following statements is false?
| A. | Government owns the means of production in a socialist economy while individuals own the means of production in a capitalist economy. | |
| B. | The government allocates jobs in a socialist economy while individuals determine employment in a capitalist economy. | |
| C. | Production is planned by government in a capitalist economy while businesses typically plan production in a socialist economy. | |
| D. | The government determines prices in a socialist economy while markets determine prices in a capitalist economy. |
Solution
Under Capitalist economy system, the means for producing and distributing goods (the land, factories, technology, transport system etc) are owned by a small minority of people
The majority of people must sell their ability to work in return for a wage or salary.
So Option \'C\' is false
