A Critical Function of the Government in Facilitating the Operation

question 218

Multiple Choice

A critical function of the government in facilitating the operation of a market economy is

• A)producing goods and services for low-income households.
• B)setting up and enforcing private property rights.
• C)ensuring an equal distribution of income to all citizens.
• D)controlling the market prices of food items.

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Definitions:

Arbitration

The process by which an outside party settles a dispute between two other parties.

Mediation

The process by which an outside party attempts to help two other parties settle their differences.

Union Shop

A workplace where all employees must join the union within a certain period after being hired.

Closed Shop

A form of union security agreement where the employer agrees to hire union members only, and employees must remain members of a union at all times.