In a market system, well-defined property rights are important because they: red
ID: 1179042 • Letter: I
Question
In a market system, well-defined property rights are important because they:
reduce unnecessary investment.
limit destructive economic growth.
create economic problems.
encourage economic activity.
The regulatory mechanism of the market system is:
self-interest.
private property.
competition.
specialization.
According to Emerson: "Want is a growing giant whom the coat of Have was never large enough to cover." According to economists, "Want" exceeds "Have" because:
people are greedy.
productive resources are limited.
human beings are inherently insecure.
people are irrational.
Explanation / Answer
In a market system, well-defined property rights are important because they: encourage economic activity.
The regulatory mechanism of the market system is: competition.
According to Emerson: "Want is a growing giant whom the coat of Have was never large enough to cover." According to economists, "Want" exceeds "Have" because: productive resources are limited.
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