Liberal Democracy Is Based on the Belief That Power, Even

question 5

True/False

Liberal democracy is based on the belief that power, even the power of a government that is supported by the majority of the people is liable to be abused.

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Definitions:

Time-inconsistency

A situation where a decision-maker's preferences change over time, leading to a plan or policy that is not followed through as initially intended.

Money Supply

Money supply refers to the total amount of money in circulation within an economy, including cash, coins, and balances held in checking and savings accounts, which can influence inflation, interest rates, and economic growth.

Money Expansion

An increase in the total supply of money in an economy, often by central banking actions.

Rapid Growth

A phase of economic expansion characterized by a significant increase in the GDP, income, and employment.