Economics - Laissez-faire MCQ Test 5

1. Within rare Laissez-faire principles, how is the idea of 'self-regulation' applied to businesses and markets?

2. What is the central principle of Laissez-faire economics?

3. What economic system aligns with Laissez-faire principles, emphasizing minimal restrictions on the production and sale of goods?

4. What is the Laissez-faire approach to price determination in a market?

5. What economic concept, integral to Laissez-faire philosophy, refers to the legal protection of an individual's exclusive right to a creative work or invention?

6. What is the primary critique of Laissez-faire economics?

7. What economic theory, aligned with Laissez-faire philosophy, emphasizes that individuals are best positioned to make decisions about their well-being?

8. What term describes the belief that the state should have minimal involvement in economic affairs?

9. What economic concept, integral to Laissez-faire philosophy, suggests that individuals pursuing their own interests inadvertently contribute to the overall economic well-being of society?

10. In the context of Laissez-faire principles, how does the concept of 'spontaneous order' contribute to societal organization?