Practice Quiz

CLEP Western Civ II

Category - Industrial Revolution

Start a Study Session Sign up for Question of the Day
The Manchester School of Economics believed which of the following?
  1. Trade flourished with government intervention.
  2. Land would remain the basis of wealth in Europe.
  3. The cost of increasing international trade outweighed the benefits.
  4. Politics and economics should operate independently.
  5. A representative government best represents the economic interest of the wealthy.
Explanation
Answer: D - The Manchester School of Economics argued that economics should be separated from politics. Adam Smith was one of the leading figures in this school of thought, and he felt that in a capitalist society, the government should not interfere with the market. Instead, an "invisible hand" would guide production, determine wages, and set prices. This became known as laissez-faire economics.
Was this helpful? Upvote!
Login to contribute your own answer or details
Start a Study Session Sign up for Question of the Day

Top questions

Related questions

Most popular on PracticeQuiz