Compare a Property Rights System in Which People Are Allowed

question 32

Multiple Choice

Compare a property rights system in which people are allowed to keep one-third of the monetary rewards of their labor with a system in which they keep two-thirds.We should expect more entrepreneurship under the __________ system and faster real economic growth under the __________ system.

• A) former; former
• B) former; latter
• C) latter; former
• D) latter; latter

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Definitions:

Cognitive Psychologist

A professional who studies mental processes such as perception, thought, memory, and reasoning.

Nationality

Refers to the belonging or affiliation of an individual to a specific nation either by birth or naturalization.

Concrete Operational

A stage in Piaget's theory of cognitive development, occurring from approximately age 7 to 11, where children gain the abilities for logical thought about concrete events, understand the law of conservation, and can classify and seriate.

Conservation

The protection, preservation, management, or restoration of natural environments and the ecological communities that inhabit them.