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Chapter 3: Problem 10

The pilgrims who settled in Plymouth, Massachusetts, concluded that (LO2) a) only a social society of collective ownership would make economic sense b) a capitalist society with large industrial corporations would make economic sense c) private ownership worked better than collective ownership d) from each according to his (or her) ability to each according to his (or her) wants was the best course to follow

Short Answer

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c) Private ownership worked better than collective ownership

Step by step solution

01

Analyze each option

First, we will go through each option and analyze its content. a) Only a social society of collective ownership would make economic sense b) A capitalist society with large industrial corporations would make economic sense c) Private ownership worked better than collective ownership d) From each according to his (or her) ability to each according to his (or her) wants was the best course to follow
02

Determine the pilgrims' preferred system

The pilgrims who settled in Plymouth, Massachusetts primarily followed Puritan beliefs and valued hard work, communal life, and individual responsibility. Initially, they tried a system of collective ownership, in which all resources were shared among the community, but this system experienced a lack of motivation and productivity. Within a few years, they transitioned to a system of private ownership and noticed an improvement in productivity and the overall well-being of the community. This shift allowed individuals to grow more food, innovate, and ultimately sustain the colony.
03

Choose the correct answer

Based on our understanding of the pilgrims' beliefs and experience in Plymouth, we narrow down our options to: a) Only a social society of collective ownership would make economic sense c) Private ownership worked better than collective ownership Since option a) refers to collective ownership as the preferred system, this option is inaccurate. The correct answer is: c) Private ownership worked better than collective ownership

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Most popular questions from this chapter

Which statement is the most accurate? (LO1, 7) a) No country could be classified as having a communist economic system. b) It could be argued that every nation has a mixed economy. c) The United States is basically a socialist economy. d) The Chinese economy is evolving away from capitalism and toward pure communism.

The main reason the American farmer can produce more than the farmer in China is that he or she (LO6) a) has more land b) has more capital c) has more labor d) is better trained

We have a mixed economy because (LO1) a) we produce guns and butter b) we consume domestically produced goods as well as imports c) we consume both goods and services d) there is a private sector and a public sector

Adam Smith believed the best way to promote the public interest was to (LO2) a) have the government produce most goods and services b) let people pursue their own selfish interests c) wait for individuals to set out to promote the public interest d) get rid of the price mechanism

Which of the following would be the best public policy? (LO4) a) Zero tolerance for pollution. b) Allow private business firms to curb their own pollution. c) Provide business firms with incentives to curb their pollution. d) Hold economic growth to a minimum until pollution levels are reduced substantially.
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