Question

Which one of the following statements is not true?

Group of answer choices

1The term consumer sovereignty means that what is produced is ultimately determined by what consumers buy

2The idea that the desires of resource suppliers and firms to further their own self-interest will automatically further the public interest is known as creative destruction

3The main problem with the barter system of exchange is that it requires a coincidence of wants

4Laissez-faire capitalism is characterized by very limited government role in the economy

Answer 1

Solution

Answer- Wrong statement is- The idea that the desires of resource suppliers and firms to further their own self-interest will automatically further the public interest is known as creative destruction

The idea that the desires of resource suppliers and firms to further their own self-interest will automatically further the public interest is known ,The invisible hand ( not creative destruction)

Creative destruction-It is the process of continous mutaion/change due to innovations which outdates the older systems

Other 3 statements are correct

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