What I Know Multiple choice. Direction: Read each item carefully, write the letter corresponding to the correct answer on your notebook 1. It is a political philosophy or worldview founded on ideas of liberty and equality a Conservatism b. liberalism c. socialism 2. A political and social philosophy promotes retaining traditional social institutions in the context of culture and civilization, a. Conservatism b. liberalism c. socialism 3. A range of economic and social systems characterized by social ownership of the means of production and workers' self-management a. Conservatism b. liberalism c, socialism 4. Is a system of ideas and ideals, especially one which forms the basis of economie or political theory and policy. a ideology b. liberalism c. socialism What's In