Which statement gives the correct understanding of economic liberalism?
Answer and explanation
Correct answer: Restrictions on markets and trade should be reduced
Economic liberalism supports the freedom of production, exchange and movement of goods. It therefore opposes unnecessary internal customs duties, monopolies and restrictions that divide markets or protect privileged groups. Reducing such barriers promotes competition and helps form a wider national market. Option A expresses this principle. B supports royal monopoly, C strengthens market fragmentation and D rejects industrial activity, so none of them represents economic liberalism.
Frequently asked questions
What is the correct answer to this question?
Restrictions on markets and trade should be reduced
Why is this the correct answer?
Economic liberalism supports the freedom of production, exchange and movement of goods. It therefore opposes unnecessary internal customs duties, monopolies and restrictions that divide markets or protect privileged groups. Reducing such barriers promotes competition and helps form a wider national market. Option A expresses this principle. B supports royal monopoly, C strengthens market fragmentation and D rejects industrial activity, so none of them represents economic liberalism.
Which subject and chapter does this question cover?
This is a Class 10 Social Science question. Chapter: The Age of Industrialisation. Topic: The Making of Nationalism in Europe (Aristocracy, New Middle Class, Liberal Nationalism).
Student feedback
Was this question useful?
👍 0 Helpful 👎 0 Not helpful
Yes 0% No 0%
0 responsesStudent Reviews
No published reviews yet.
