Malcolm chan believes that owners of property should

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30.Malcolm Chan believes that owners of property should be free to do almost anything they like with it in order to make profits. In addition, he feels that when an individual makes a profit in a business venture the entire society benefits. Chan's beliefs represent the economic philosophy known as:a.laissez-faire capitalismb.mercantilismc.socialismd.welfare capitalismANS:A
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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?
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37.Early socialists called economics the "dismal science" because it:
REF:468OBJ:338.All of the following are elements of a socialist economic system EXCEPT:a.centralized planningb.public ownership of property and the sharing of profitsc.several political parties competing for powerd.worker participation in production decisionsANS: C
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