Which of the Following Is True About Property Rights

question 24

Multiple Choice

Which of the following is true about property rights?

• A) Ideas are not considered a part of "property."
• B) The legal systems defining and protecting property rights are the same worldwide.
• C) In China, still nominally a communist state, individuals do not have the same legal protection for their property as the state has.
• D) A "private action" to violate property rights is said to have occurred when politicians and government bureaucrats extort income, resources, or the property itself from property holders.
• E) In many countries, laws protecting property rights are not enforced by the authorities and the rights are violated.

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Definitions:

Levy

Imposition of a tax, fee, or fine by a government or regulatory authority.

Consumption

The act of using goods and services to satisfy needs or wants.

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in the price of that good.

Quantity Demanded

Quantity demanded is the amount of a good or service consumers are willing and able to purchase at a specific price level within a given time period.