Both the Hands-Off and Hands-On Positions Agree That

question 43

Multiple Choice

Both the hands-off and hands-on positions agree that

• A) government failure is worse than market failure.
• B) specialization and trade can cause poverty and misery in import-competing industries.
• C) there is a limited role for government.
• D) market failure is worse than government failure.
• E) there should be a social safety net for those left behind by trade and markets.

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Definitions:

Legal System

The system of laws and regulations, including the processes by which laws are enforced and through which redress for grievances is obtained.

Individuals

Single human beings, considered separate from a group or an organization.

Property

Assets or belongings that are owned by individuals or entities and have value in an economic context, including real and personal property.

Competitive Forces

The external factors in an industry that influence the competitive environment and affect business strategies, including competition, potential new entrants, substitute products, bargaining power of suppliers, and bargaining power of customers.