Which of the Following Statements Is Correct

question 136

Multiple Choice

Which of the following statements is correct?

• A)In an economy-wide sense,property rights are an important prerequisite for the price system to work.
• B)Property rights give people the ability to exercise authority over the resources they own.
• C)Based on the available evidence,the existence of well-established and well-enforced property rights appears to be associated with an enhanced standard of living.
• D)All of the above are correct.

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Definitions:

Scarce Resources

Resources that are limited in supply and cannot fulfill all human wants and needs completely, leading to the necessity of choices and priorities in their use.

Marginal Rate

Often refers to the marginal tax rate, which is the tax rate applied to an additional dollar of income.

Transformation

In an economic context, it refers to the process of changing inputs into outputs, often related to the production process in industries or economies.

Resources

Assets, materials, and inputs used by organizations or economies to produce goods and services.