A government using a socialist approach would be most likely to do which of the following?

• A. Eliminate all forms of government intervention in the economy
• B. Own and operate major industries such as transportation and healthcare
• C. Allow all economic decisions to be made by private individuals and firms
• D. Set prices solely based on supply and demand without any regulation

Answer: (B)

Verified step by step guidance

1. Understand the definition of a socialist economic approach: socialism typically involves significant government ownership and control over key industries and resources, aiming to reduce inequality and provide public welfare.
2. Analyze each option in the context of socialism: eliminating government intervention contradicts socialism, which relies on government involvement; allowing all decisions to be made by private individuals aligns more with capitalism; setting prices solely by supply and demand without regulation also aligns with free-market capitalism.
3. Identify the option that matches socialism: owning and operating major industries such as transportation and healthcare reflects government control and public ownership, which is characteristic of socialism.
4. Recall that socialism emphasizes public ownership to ensure equitable access to essential services, which supports the choice of government ownership of major industries.
5. Conclude that the correct answer is the option involving government ownership and operation of major industries, as it aligns with the core principles of a socialist economic system.