The Policy of Minimum Government Interference in or Regulation of Economic

question 13

Multiple Choice

The policy of minimum government interference in or regulation of economic activity,
Advocated by Adam Smith and the Classical economists, was known as

• A) the law of comparative advantage.
• B) laissez-faire.
• C) the labor theory of value.
• D) Mercantilism.

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Definitions:

Adults Employed

The segment of the adult population that is currently engaged in employment and receiving compensation for their labor.

Adults Unemployed

Refers to individuals of working age who are without a job, available to work, and actively seeking employment.

Adults Not in the Labor Force

Individuals aged over a certain age threshold, typically 16 or 18, who are neither employed nor actively seeking employment, and thus not part of the labor force.

Labor-force Participation Rate

The labor-force participation rate is the percentage of the working-age population that is engaged in the labor market by either being employed or actively seeking employment.