WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What statement best characterizes the principle of laissez faire?
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It’s the responsibility of the government to regulate business practices.
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Riches are a sign of God’s favor and poor people are inferior and deserve living in poverty.
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To succeed in business a firm should buy out all of its competitors and completely control an industry’s production, wages, and prices.
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The marketplace should have no regulations and natural selection governs business success or failure.
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Explanation:
Detailed explanation-1: -The driving principle behind laissez-faire, a French term that translates to “leave alone” (literally, “let you do"), is that the less the government is involved in the economy, the better off business will be, and by extension, society as a whole.
Detailed explanation-2: -Which of the following BEST describes a laissez-faire economic policy? The government should leave business alone.
Detailed explanation-3: -The correct answer is No Government intervention.
Detailed explanation-4: -The concept of laissez-faire in economics is a staple of free-market capitalism. The theory suggests that an economy is strongest when the government stays out of the economy entirely, letting market forces behave naturally.
There is 1 question to complete.