객관식
When a government conducts a cost-benefit analysis, it must consider:
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1. Introduction to Macroeconomics
Positive and Normative Analysis
객관식
An extreme result of free-market capitalism without government regulation is referred to as:
A
laissez-faire
B
market failure
C
anarchy
D
the 'law of the jungle'
검증된 단계별 안내1
Step 1: Understand the key terms given in the problem. 'Laissez-faire' refers to a policy or attitude of letting things take their own course, without interfering, especially by the government in economic matters.
Step 2: Recognize that 'market failure' occurs when the free market fails to allocate resources efficiently, often justifying government intervention.
Step 3: Note that 'anarchy' means a state of disorder due to absence or nonrecognition of authority, which is different from economic concepts.
Step 4: The phrase 'law of the jungle' metaphorically describes a situation where there is no regulation or rules, and only the strongest survive, which can be seen as an extreme form of unregulated capitalism.
Step 5: Conclude that the problem is testing your understanding of these terms and their implications in economic contexts, especially the consequences of no government regulation in a free market.
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