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.

Question

Quizplus · Accepted Answer

All three statements are correct. In order for the price system to function efficiently and effectively, property rights are necessary. Property rights provide individuals and businesses with the ability to control and manage their resources, which allows for the development of market transactions. Well-established and well-enforced property rights are generally associated with increased investment, economic growth, and higher standards of living.

Which of the Following Statements Is Correct