Tim Garner owns and operates his own small automobile repair shop. However, the prices he can charge are fixed, and he rents his land and building from the government. Most of his friends work for industries owned by the government. Tim's country is most likely a(n) ____ economy.
A) market
B) communist
C) socialist
D) industrialized
E) capitalist

Question

Quizplus · Accepted Answer

In a socialist economy, the government usually owns or controls many of the industries and resources, and sets prices for goods and services. Tim's inability to set his own prices and renting from the government suggests that he operates in a socialist economy.

Tim Garner Owns and Operates His Own Small Automobile Repair