31.The economic philosophy based on public ownership of property is
REF:468OBJ:332.All of the following are elements of laissez-faire capitalism EXCEPT:
REF:466OBJ:333.Laissez-faire capitalism arose as a reaction to which of the following economic philosophies?
REF:466OBJ:334.Adam Smith's concept of the "invisible hand" refers to the belief that:a.competitive markets improve the quality of life for everyoneb.God influences all economic mattersc.people are not aware of their own economic interestsd.there is a limit to economic growthANS: A
REF:467OBJ:335.Laissez-faire economists believe that human life would be best improved by:
REF:467OBJ:336.Which of the following is an economic philosophy based on public ownership of property and sharing of profits?