The result(s) of having government defien and protect property rights is (are) a. an increase in the amount of production b. an increase in economic well-being c. an increase in specialization and trade based upon economic efficiencies d. a decrease in the amount of strife and hardship for obtaining goods and services e. All of the above.
The result(s) of having government defien and protect property rights is (are) a. an increase in the amount of production b. an increase in economic well-being c. an increase in specialization and trade based upon economic efficiencies d. a decrease in the amount of strife and hardship for obtaining goods and services e. All of the above.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The result(s) of having government defien and protect property rights is (are)
a. an increase in the amount of production
b. an increase in economic well-being
c. an increase in specialization and trade based upon economic efficiencies
d. a decrease in the amount of strife and hardship for obtaining goods and services
e. All of the above.
Expert Solution
Step 1
Protection of Property rights is in line with the idea of Laissez Faire where the government intervention is limited, to extent to ensure individual freedom. Individual freedom is manifested in the idea of ability of people of country to hold property for which defining and protecting private property is necessary by the government.
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