ECONOMICS (CBSE/UGC NET)

ECONOMICS

MARKET FAILURES

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
When the government creates a law used to protect individuals this is know as:
A
Deregulation
B
Regulation
C
Positive Externality
D
Preventing a market failure
Explanation: 

Detailed explanation-1: -The principal role of the judiciary is to protect rule of law and ensure supremacy of law. It safeguards rights of the individual, settles disputes in accordance with the law and ensures that democracy does not give way to individual or group dictatorship.

Detailed explanation-2: -Human rights include the right to life and liberty, freedom from slavery and torture, freedom of opinion and expression, the right to work and education, and many more. Everyone is entitled to these rights, without discrimination.

Detailed explanation-3: -Meaning of ‘equal protection of law’ It simply means that all persons in similar circumstances shall be given the same rights and liabilities. It essentially means that equals are to be treated equally and there must be no discrimination amongst them.

Detailed explanation-4: -Rule of Law – Meaning & Scope This in essence means that no man can be arrested, punished or be lawfully made to suffer in body or in goods except by the due process of law and for breach of a law established in the ordinary legal manner before the ordinary courts of the land.

There is 1 question to complete.