If Property Rights Are Enforced and Contracts in Trade Are

question 3

Multiple Choice

If property rights are enforced and contracts in trade are legally respected, it is usually assumed that:

• A) output will begin to fall.
• B) investment will be encouraged.
• C) transactions costs will rise.
• D) government is unnecessary.

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Definitions:

Training Program

A structured educational process by which individuals are taught the skills needed for specific jobs or tasks within an organization.

Cost-Benefit Analysis

A decision-making process that compares the costs and benefits of a project or decision to assess its feasibility.

Future Role

Anticipated or envisioned function, responsibilities, or position of an individual or entity within a future timeframe.

Competencies

Skills, behaviors, and knowledge that are required for an employee to perform a job successfully.