The term "laissez-faire" suggests that:
A. land and other natural resources should be privately owned, but capital should be publicly
owned.
B. land and other natural resources should be publicly owned, but capital should be privately
owned.
C. government should not interfere with the operation of the economy.
D. government action is absolutely necessary if the economy is to achieve full employment
and full production.
Answer: C
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If the percentage increase in price is 15 percent and the value of the price elasticity of demand is -3, then quantity demanded
A) will increase by 5 percent. B) will decrease by 5 percent. C) will increase by 45 percent. D) will decrease by 45 percent.
Having free entry and exit in a market can help drive:
A. innovation. B. cost-cutting. C. quality improvements. D. All of these occur more often with free entry and exit.
Contrary to popular belief, U.S. productivity growth did not actually improve in the mid 1990s despite the massive growth in technological innovation
a. True b. False Indicate whether the statement is true or false
According to the rule of 70, if a country grows at an average rate of 2 percent per year, what would happen after 35 years?
A. The country's nominal GDP would double. B. The country's real GDP would double. C. The country's real GDP per capita would double. D. The country's nominal GDP per capita would double.