The Term "Laissez-Faire" Was Given to a System of Free

question 130

Multiple Choice

The term "laissez-faire" was given to a system of free markets by

• A)twentieth-century American economists.
• B)a seventeenth-century Scottish economist.
• C)eighteenth-century French economists.
• D)nineteenth-century Italian economists.

---

Definitions:

Machining

A manufacturing process involving the shaping of metal or other materials through controlled material-removal techniques.

Customizing

The process of making or modifying something according to a customer's individual requirements.

Predetermined Overhead Rate

A calculated rate used to allocate manufacturing overhead costs to products based on a specific activity basis, such as labor hours or machine hours.

Machine-Hours

A calculation of activity or production volume, taking into account the length of time machines are in use.