Government and business together establish the regulatory rules under which business operates in society. True False

This statement is True.

In a modern economy, the relationship between government and business is crucial to ensure that market activities are conducted fairly and efficiently. Governments create regulatory frameworks that businesses must adhere to, which includes laws related to consumer protection, labor rights, environmental standards, and trade practices. In many instances, government agencies collaborate with businesses to establish these regulatory rules, giving industry stakeholders a voice in the policymaking process.

This partnership aims to promote economic stability, protect public interests, and create a level playing field for all businesses. Without such regulations, businesses could engage in practices that might harm consumers or the environment, lead to market monopolies, or create unsafe working conditions. Therefore, the collaboration between government and business is essential for a well-functioning society and economy.