Introductory Sociology CLEP Prep Practice Exam

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Prepare for the Introductory Sociology Exam with flashcards and multiple-choice questions. Each question comes with hints and explanations to help you succeed. Master the content and pass your exam!

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What is an example of an economic system?

Capitalism
Socialism
Communism
All of the above

The correct answer is: All of the above

An economic system refers to the way a society organizes its production, distribution, and consumption of goods and services. Capitalism, socialism, and communism are all examples of different economic systems. Capitalism is characterized by private ownership of property and a free market, while socialism involves public ownership of property and a planned economy. Communism involves collective ownership of property and a classless society. Thus, D, "All of the above," is the correct answer as it includes all three examples of economic systems. Option A, capitalism, and option B, socialism, refer to specific examples of economic systems rather than the broader concept. Option C, communism, is also a specific example and does not encompass all types of economic systems. So, while the other options may be accurate examples, they are not as comprehensive as option D.