Which of the following statement pertaining to innovation and entrepreneurship is NOT true?
A) They are the engines of growth.
B) They require strong property rights.
C) They require state ownership of means of production.
D) They require a market economy.

Question

Quizplus · Accepted Answer

Innovation and entrepreneurship do not require state ownership of means of production as this is more aligned with socialist or communist economic models, which do not emphasize individual initiative and capitalism. Innovation and entrepreneurship flourish in a market economy, where individuals can freely exchange goods and services, and strong property rights protect intellectual property and incentivize creativity.

Which of the Following Statement Pertaining to Innovation and Entrepreneurship