Which of the Following Statements Is True

question 24

Multiple Choice

Which of the following statements is true ?

• A) The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making.
• B) In capitalism income is distributed on the basis of need.
• C) Adam Smith was the father of socialism.
• D) Most real-world economies are mixed economic systems.

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Definitions:

Mediating Technology

Links people together in a beneficial exchange of values.

Mutually Beneficial

A situation or agreement that provides advantageous outcomes to all parties involved, ensuring that everyone gains or benefits from the collaboration.

Exchange Of Values

A fundamental concept in economics and marketing referring to the mutual giving and receiving of value, often in the form of goods, services, or money, between parties in a transaction.

Continuing Improvement

An ongoing effort to enhance products, services, or processes through incremental and breakthrough improvements.