ECONOMICS (CBSE/UGC NET)

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ECONOMICS

TECHNOLOGY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Government has the power to place restrictions on the use of business and individual property. What restriction does this excerpt from the Fifth Amendment directly address?"No person shall be . . . deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation."-Amendment to the Constitution of the United States
A
the power to regulate how property is used
B
the power to limit certain kinds of property to zones
C
the power to take property through eminent domain
D
the power to take property without due process of law
Explanation: 

Detailed explanation-1: -Considered to be the economic system closest to ‘true’ capitalism, a free market economy is driven by private ownership and consumer supply and demand.

Detailed explanation-2: -Households are the owners of the factors of production and sell labor in exchange for a wage, land in exchange for rent, and capital in exchange for interest.

Detailed explanation-3: -What are two things that a command economy fails to provide consumers? Competition and consumer sovereignty.

Detailed explanation-4: -What roles do consumers and entrepreneurs play in a free enterprise system? Consumers play the crucial role of “judge” by purchasing the products and services that best meet their needs. In this way, consumers determine which products are sold and which businesses succeed.

There is 1 question to complete.
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