The economic system in which the government owns and operates selected major industries is known as A. socialism B. capitalism C. communism D. a mixed market economy E. a market economy

The correct answer is A. socialism. In a socialist economic system, the government typically owns and operates selected major industries, such as utilities, transportation, and healthcare. This is in contrast to a capitalist system, where private individuals and businesses own and operate the majority of industries. Communism is a more extreme form of socialism, where the government owns and controls all aspects of the economy. A mixed market economy combines elements of both socialism and capitalism, with both private and public ownership of industries. A market economy is one where the majority of industries are owned and operated by private individuals and businesses, with little to no government involvement.