Economic freedom is a precondition for economic growth.Which of the following is a characteristic 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

Economic freedom refers to the ability of individuals and businesses to make their own economic decisions without interference from the government. Protection of property rights is crucial for economic freedom as it allows individuals and businesses to own and control their assets without fear of expropriation or confiscation. However, government support and funding for inventions and innovations can actually limit economic freedom as it can distort market incentives and unfairly benefit certain industries or businesses. A democratic form of government is desirable, but is not necessarily a characteristic of economic freedom.

Economic Freedom Is a Precondition for Economic Growth