Which of the following is a correct characterization of socialism? a. Tradition answers the basic economic questions. b. Markets are used exclusively to answer the basic economic questions. c. Central...

Which of the following is a correct characterization

of socialism?

a. Tradition answers the basic economic questions.

b. Markets are used exclusively to answer the basic

economic questions.

c. Central planning is used to answer the basic

economic questions.

d. Government ownership of many resources and

centralized decision-making answers the basic

economic questions.