What might happen to a country’s economy and standard of living without property rights?Multiple ChoiceIncrease because people will be producing more goods and servicesDecrease because there are fewer incentives to produce goods and servicesStay the sameIncrease because there are more incentive to produce goods and services

What is the effect of a country not enforcing property​ rights? a. The market system will still work smoothly. b. That country will grow more rapidly because of the reduction of law suits c. That​ country's growth rate will not be affected. d. Entrepreneurs are not likely to risk their own funds investing in such an economy.

Multiple Choice QuestionIf property rights are clearly defined can the economy still experience externalities?Multiple choice question.Yes. The economy could experience scarcity.Yes. Transaction costs could be significant.No. The economy reaches equilibrium.No. Clearly-defined property rights eliminates scarcity.

Individuals and societies must make choices regarding which goods and services will be produced and consumed because aunlimited wants can only be satisfied by allocating resources efficiently ba country cannot have a comparative advantage in the production of all goods callocating scarce resources efficiently reduces the equitable distribution of goods dincome is not equally distributed to ensure that everyone can participate in the market eresources are insufficient to satisfy the unlimited wants of people

Other things being equal, the rate of new product development seems to be greater in countries whereMultiple Choiceconsumers belong to lower social strata.underlying domestic demand is weak.intense competition is present.infrastructure is in the developing phase.

Which situation creates scarcity in an economy?A.Human and physical capital are used as factors of production when making goods.B.Citizens have more wants than they can fulfill with their available resources.C.Businesses disregard public needs and only supply goods that are cheap to make.D.Governments decide to distribute goods to make sure all citizens are equal.