Question

16 multiple choice 1 point the doctrine of laissez - faire is based on the belief that government directives are likely to do a better job of allocating resources than markets. government failure does not exist. markets result in an unfair distribution of income. markets are likely to do a better job of allocating resources than government directives. 17 multiple choice 1 point which of the following may be used to correct market failure? laws and regulations the market mechanism laissez - faire price policies government failure 18 multiple choice 1 point macroeconomics focuses on the behavior of individual consumers. government agencies. a specific market. the overall economy.

Explanation:

1. Laissez - faire is an economic philosophy that advocates minimal government intervention, believing markets are more efficient in resource - allocation.
2. Market failures can be corrected by government intervention such as laws and regulations.
3. Macroeconomics studies the behavior, structure, performance, and decision - making of the whole economy.

Answer:

1. D. markets are likely to do a better job of allocating resources than government directives.
2. A. laws and regulations
3. D. the overall economy.