If Property Rights Are Not Clearly Defined and Enforced, Then

question 74

Multiple Choice

If property rights are not clearly defined and enforced, then

• A)resources are devoted to protecting possessions rather than to production.
• B)incentives for specialisation based on comparative advantage are weakened.
• C)some potential gains from specialisation and trade are lost.
• D)All of the above answers are correct.

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Definitions:

Labor Movement

A collective organizational effort aiming to improve workers' rights, conditions, and wages through unions and other labor associations.

Industrialization

The development of industries in a country or region on a wide scale, characterized by the shift from agrarian to industrial modes of production.

Business Representative

An individual who acts on behalf of a business entity in dealings with others, such as negotiations or partnerships.

Secretary-Treasurer

A combined executive role in organizations, responsible for both the secretarial duties and the financial management of the entity.