All of the Following Are Examples of Institutions Except

question 51

Multiple Choice

All of the following are examples of institutions except:

• A) private property rights.
• B) incentives.
• C) competitive markets.
• D) efficient taxes.
• E) stable money and prices.

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Definitions:

Production Function

An equation or graph that shows the output generated from different combinations of inputs, usually focusing on labor and capital.

Marginal Product

The increase in output that results from an additional unit of input.

Returns to Scale

Refers to the rate at which output increases as inputs are proportionately increased, categorizing into increasing, constant, or decreasing returns.

Carpet Industry

The sector of the economy specialized in the manufacture and sale of carpets and rugs.