Both the Wealth of Nations and the Declaration of Independence

question 47

Multiple Choice

Both The Wealth of Nations and the Declaration of Independence share the point of view that

• A)every person is entitled to life,liberty,and the pursuit of happiness.
• B)individuals are best left to their own devices without the government guiding their actions.
• C)the government plays a central role in organizing a market economy.
• D)because of human nature a strong legal system is necessary for a market system to survive.

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Definitions:

Costly Activities

Activities that involve a significant expenditure of resources such as time, money, or effort.

New Product

An item or service that has been recently developed or introduced to the market, offering new or improved features.

Minimum Wage Control

Regulatory measures that set the lowest hourly rate of pay that employers can legally offer their employees.

Fringe Benefits

Additional compensation provided to employees beyond their normal salaries or wages, such as health insurance, retirement plans, and paid time off.