Allowing the Market to Operate with a Minimum of Government

question 49

Multiple Choice

Allowing the market to operate with a minimum of government regulation is called:

• A) laissez-faire.
• B) socialism.
• C) controlled choice.
• D) quota planning.

Identify factors contributing to differences in compensation, including compensating differentials and human capital investment.

Evaluate the impact of technology and education on income inequality.

Understand the sources of household wealth and income.

Examine occupational segregation and its effect on income distribution.

---

Definitions:

Lightning Strike

A discharge of electricity from a cloud to the ground, another cloud, or an object, occurring during a thunderstorm and resulting in a bright flash of light accompanied by thunder.

Locked Locker

A secured storage space, typically in schools, gyms, or public places, intended to keep personal belongings safe.

Strict Liability

A legal doctrine that holds an individual or entity responsible for their actions or products without the need to prove negligence or fault.

Standard Of Care

The degree of prudence and caution required of an individual who is under a duty of care.