Mercantilists Advocated a Policy in Which

question 41

Multiple Choice

Mercantilists advocated a policy in which:

• A)The government regulates all aspects of economic activity
• B)The government interferes with economic activity to a moderate level
• C)The government keeps regulation of economic activity to a minimum
• D)The governments interference in economic activity is completely non-existent

---

Definitions:

Isocost

A line that represents all combinations of inputs which have the same total cost for a firm, used in production theory to analyze cost minimization.

Price Of Labor

The wage rate or salary that employers pay to employees in exchange for their work.

Isocost

A line that represents all the combinations of inputs that have the same total cost.

Price Of Labor

The compensation (wages, salaries, and benefits) paid to employees for their work or services.