Choose the given statement that is true/false:

The Socialists owned the industries.

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True

False

answer is B.

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Detailed Solution

The above statement is false.
The capitalists own the industries. Socialism and capitalism are two economic systems that nations adopt to govern their financial resources and control their means of production. In a capitalist economy, the resources are owned privately. Capitalism believes that private enterprise uses economic resources more effectively than the state and that society gains when a free market decides wealth distribution. In socialism, the government regulates the production and consumer prices to serve people's needs best. By carefully holding company activities and distributing income through initiatives that help the underprivileged, such as free healthcare and education, socialist governments work to end economic inequality.

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