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Consider the following statements with reference to the laissez-faire model:
Modern economies of the world are based on the laissez-faire economy only.
It is also called a command economy wherein the invisible hand of the market is in a commanding position.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements with reference to the laissez-faire...
- The laissez-faire economic theory advocates little or no government interference. It believes the rational free market forces of demand and supply is sufficient. The driving principle behind laissez-faire is that the less the government is involved in the economy, the better off business will be, and by extension, society as a whole. Laissez-faire economics is a key part of free-market capitalism.
- Today most of the decisions in developed and developing economies are made in the marketplace however the government is also playing a major role in overseeing the functioning of the market. Governments pass laws that regulate economic life, produce goods, educational and police services. No contemporary society falls completely either in laissez faire or command economy, rather most of the countries are having mixed form of economies. So, statement (1) is also not correct.
- In a command economy, such as one which operated in Soviet Union during most of the twentieth century, the government owns most of the means of production (land and capital); it also owns and directs the operations of enterprises in most industries. It is the employer of most of the workers and tells them how to do their jobs; it decides how the output of the society is to be divided among different people. In short, the government answers the major economic questions of what, how and for whom, through its ownership of resources and its powers to enforce decisions. So, statement (2) is not correct.
Therefore, the correct answer (d).
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Consider the following statements with reference to the laissez-faire model: Modern economies of the world are based on the laissez-faire economy only. It is also called a command economy wherein the invisible hand of the market is in a commanding position. Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
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Consider the following statements with reference to the laissez-faire model: Modern economies of the world are based on the laissez-faire economy only. It is also called a command economy wherein the invisible hand of the market is in a commanding position. Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements with reference to the laissez-faire model: Modern economies of the world are based on the laissez-faire economy only. It is also called a command economy wherein the invisible hand of the market is in a commanding position. Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with reference to the laissez-faire model: Modern economies of the world are based on the laissez-faire economy only. It is also called a command economy wherein the invisible hand of the market is in a commanding position. Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.
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