THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Government should protect children by prohibiting theemployment of anyone under the age of 16.
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Monopolization over any one industry should be madeillegal as it hurts other businesses’ ability to compete.
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Railroads may not charge farmers higher rates fortransporting crops over shorter distances than longerones.
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Government regulation in the steel business hurts theability of industries to make a significant profit.
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Detailed explanation-1: -Laissez-faire doctrine talks about the least government intervention to no government intervention. The organizations under laissez-faire economies have complete economic freedom–the market functions as per market forces.
Detailed explanation-2: -Which of the following BEST describes a laissez-faire economic policy? The government should leave business alone.
Detailed explanation-3: -Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention. The theory of laissez-faire was developed by the French Physiocrats during the 18th century. Laissez-faire advocates that economic success is inhibited when governments are involved in business and markets.
Detailed explanation-4: -The doctrine of laissez-faire is usually associated with the economists known as Physiocrats, who flourished in France from about 1756 to 1778. The policy of laissez-faire received strong support in classical economics as it developed in Great Britain under the influence of the philosopher and economist Adam Smith.