Growth in real output per person occurred, on average, in colonial America. This growth translated into a great improvement in the quality of life for all citizens

Economic efficiency is a market outcome in which the marginal benefit to consumers is equal to the marginal cost of production and the sum of consumer surplus and producer surplus is maximized

Indicate whether the statement is true or false

Government intervention

a. can provide incentives to conduct business in an illegal black market b. plays no role in generating wealth c. is the best way to eliminate poverty d. does not enforce property rights