If Government Failure Did Not Exist

question 49

Multiple Choice

If government failure did not exist,

• A)Laissez faire would apply to all markets.
• B)Deregulation would be unnecessary.
• C)The invisible hand would be the most efficient and equitable way to run the economy.

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Definitions:

Tenant-in-Common

A form of co-ownership where each owner holds an undivided interest in property without the right of survivorship, meaning upon death their share can be left to heirs or specified in a will.

Fee Simple Ownership

A type of freehold ownership where the owner has the most complete ownership in the property, including the land and any structures on it, subject to government regulations.

Joint Tenants

Joint tenants are co-owners of property under a legal arrangement where each owns an undivided interest, and upon death, the interest automatically transfers to the surviving joint tenant(s).

Survivorship

Survivorship is a legal principle referring to the right of a surviving joint owner to inherit a shared property in its entirety upon the death of the other joint owner(s).