Which of the following statements about the relative performance of capitalism and socialism is correct?A.Socialist nations have greater economic inequality.B.Socialist nations are more economically productive.C.Socialist nations emphasize the freedom to pursue self-interest.D.Capitalist nations are more economically productive.
Question
Which of the following statements about the relative performance of capitalism and socialism is correct?A.Socialist nations have greater economic inequality.B.Socialist nations are more economically productive.C.Socialist nations emphasize the freedom to pursue self-interest.D.Capitalist nations are more economically productive.
Solution
The correct statement about the relative performance of capitalism and socialism is D. Capitalist nations are more economically productive.
Here's why:
A. Socialist nations have greater economic inequality - This is incorrect. Socialism aims to reduce economic inequality by distributing wealth more evenly among the population.
B. Socialist nations are more economically productive - This is also incorrect. While socialist nations can be productive, capitalist nations tend to be more economically productive due to the incentive of personal gain driving innovation and efficiency.
C. Socialist nations emphasize the freedom to pursue self-interest - This is incorrect. Capitalism, not socialism, emphasizes the freedom to pursue self-interest. In a socialist system, the emphasis is on meeting the needs of the community as a whole.
D. Capitalist nations are more economically productive - This is correct. Capitalism encourages competition and innovation, which often leads to higher productivity.
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