Economic freedom is a precondition for economic growth.Which of the following is/are a characteristic/s of economic freedom?
i.A democratic form of government.
ii.Property rights must be protected.
iii.The government must support and pay for inventions and innovations.

Question

Quizplus · Accepted Answer

Only ii is a characteristic of economic freedom. A democratic form of government is not necessarily a precondition for economic freedom, while government support and funding for inventions and innovations can actually hinder economic freedom by distorting market incentives. Protecting property rights, on the other hand, is a fundamental aspect of economic freedom as it allows individuals and businesses to engage in voluntary transactions and investment without fear of having their assets seized or manipulated by the government or other actors.

Economic Freedom Is a Precondition for Economic Growth