Which of the following statements is true ?
A) The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making.
B) In capitalism income is distributed on the basis of need.
C) Adam Smith was the father of socialism.
D) Most real-world economies are mixed economic systems.

Question

Quizplus · Accepted Answer

Most real-world economies are mixed economic systems, meaning they contain elements of both capitalism and government intervention. The doctrine of laissez-faire, on the other hand, advocates for minimal government intervention in the economy and emphasizes individual decision-making. Income distribution in capitalism is not based on need, but rather on market forces such as supply and demand. Adam Smith is considered the father of capitalism, not socialism.

Which of the Following Statements Is True