MCAT Behavioral Sciences Question 221: Answer and Explanation

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Question: 221

3. A country where the economy is profit-driven and privately-owned, but public services like healthcare and education and state-funded, would be considered:

  • A. socialist.
  • B. capitalist.
  • C. collectivist.
  • D. welfare capitalist.

Correct Answer: D

Explanation:

Welfare capitalism refers to a system of government where most of the economy is private with the exception of extensive social welfare programs to serve certain social needs within society (such as healthcare and education; choice D is correct). Socialism is an economic system where resources and production are collectively owned. Socialism includes a system of production and distribution designed to satisfy human needs; good/services are produced for direct use instead of for profit (choice A is wrong). Capitalism is an economic system in which resources and production are mainly privately owned, and goods/services are produced for a profit; strict capitalism does not include state-funded public services (choice B is wrong). Collectivism is an economic or social outlook that emphasizes interdependence between people; a profit-driven economy would not be a part of a collectivist country (choice C is wrong).

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