Question

The laissez-faire philosophy held that a. strict government control of all economic activity was necessary. b. little or no government control of the economy was needed. c. nations need the government to establish export laws to stimulate the economy. d. none of the above.

Name: Problem 9, Chapter 17: Introduction to agricultural economics
Uploaded: 2020-08-13T17:18:53-08:00
Duration: 48 s
Channel: Liuxi Sun
Description: The laissez-faire philosophy held that a. strict government control of all economic activity was necessary. b. little or no government control of the economy was needed. c. nations need the government to establish export laws to stimulate the economy. d. none of the above.

   The laissez-faire philosophy held that
a. strict government control of all economic activity was necessary.
b. little or no government control of the economy was needed.
c. nations need the government to establish export laws to stimulate the economy.
d. none of the above.

Introduction to agricultural economics

John B. Penson,… 7th Edition

Chapter 17, Problem 9

Instant Answer

Solved by Expert Liuxi Sun

08/13/2020

Step 1

It believes that the economy should be left to operate freely without government interference. Based on this understanding, we can eliminate options a and c, as they both involve government control and intervention in the economy. This leaves us with options b Show more…

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The laissez-faire philosophy held that a. strict government control of all economic activity was necessary. b. little or no government control of the economy was needed. c. nations need the government to establish export laws to stimulate the economy. d. none of the above.

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Key Concepts

Laissez-Faire Philosophy

This economic doctrine holds that government should play a minimal role in economic affairs. Proponents believe that when markets are left to operate under the forces of supply and demand, they naturally achieve efficient outcomes through the voluntary transactions of individuals.

Free Market Economy

A free market economy is one in which the prices for goods and services are determined by open competition among private businesses, without undue interference by the government. This system is based on the idea that minimal regulation allows for innovation, efficient resource allocation, and overall economic growth.

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