If Property Rights Are NOT Clearly Defined and Enforced, Then

question 254

Multiple Choice

If property rights are NOT clearly defined and enforced, then

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

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Definitions:

Continually Changing

Describes a state of constant evolution or modification, not remaining static.

Variable on the Vertical Axis

Refers to the dependent variable in a graph or chart, plotted along the vertical (Y) axis, whose value depends on the independent variable.

Variable on the Horizontal Axis

In data representation, a quantity that is measured along the horizontal axis, usually independent in nature.

Slope

The measure of the steepness or angle of a line, indicating the rate at which it rises or falls.