The Social Thinker Whose Ideas Supported the Operation of a Free-Market

question 19

Multiple Choice

The social thinker whose ideas supported the operation of a free-market economy most was

• A)Thorstein Veblen.
• B)Adam Smith.
• C)Karl Marx.
• D)Max Weber.

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Definitions:

Principal

A main party to a transaction, such as the owner of a business or the party who has authorized an agent to act on their behalf.

Interest

The cost of borrowing money, typically expressed as a percentage of the principal, paid by the borrower to the lender for the use of their money.

Nonnegotiable Instrument

A financial document or contract that cannot be transferred or assigned to another party as easily as a negotiable instrument.

Mortgage

A secured loan agreement where the borrower pledges real property to the lender as collateral for the loan, which becomes void upon payment in full.