In the video, Milton Friedman shares the point of view thatQuestion 8Answera.the government plays a central role in organizing a market economy.b.every person is entitled to life, liberty, and the pursuit of happinessc.because of human nature a strong legal system is necessary for a market system to survive.d.individuals are best left to their own devices without the government guiding their actions.

The role of government in market economies includes:Multiple select question.Establishing new marketsDistributing goods and services to all animalsDefining and enforcing property rightsEnforcing contractsDetermining the rules of commercePunishing dishonest behavior

Government's role is to create and enforce laws that: Balance the relationship between business and society. Control businesses' actions in society. Protect businesses' interest in society. Protect society from business.

Why and how do governments intervene in the markets?  10 marks

To what was political scientist Robert Lane referring in using the term market justice?Multiple ChoiceThe market tends to eliminate weak businesses and reward strong ones.Government should not use fiscal policy to attempt to flatten the ups and downs of a market economy.The strength of the market economy of the United States is precisely what provides the welfare state with the revenue it needs to help the most underprivileged citizens.Americans should increase the size of the federal welfare state in order to mitigate the harmful influences of the market.Americans prefer that society's material benefits be allocated through the economic marketplace rather than through government policies.

In this course, it has been claimed that markets only emerged historically alongside capitalism as a social system.Group of answer choicesTrueFalse