When Applied to an Economic System,the Term Laissez-Faire Means That

question 129

Multiple Choice

When applied to an economic system,the term laissez-faire means that

• A)the government makes the majority of economic decisions.
• B)the government decides how resources should be allocated.
• C)the government minimizes its activity in the economy.
• D)the government maximizes its activity in the economy.

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Definitions:

Predictability

The ability to accurately forecast the outcome of a process or the occurrence of an event based on current knowledge or past experience.

Normal Distribution

A probability distribution that is symmetric around the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Human Traits

Characteristics or qualities that define individual human beings, ranging from physical properties to personality attributes.

Intelligence

The ability to acquire and apply knowledge and skills, including reasoning, problem-solving, and adapting to new situations.