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.
d
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Because of the large current account deficits accumulated by the United States since 1981, the United States has become a
A) nation with no official reserves. B) balanced nation. C) broke nation. D) creditor nation. E) debtor nation. The table above gives data on the U.S. balance of payments in 2019.
Comparative advantage is
A) the ability to perform an activity at a lower opportunity cost than anyone else. B) the ability to perform an activity at a higher opportunity cost than anyone else. C) the ability to perform an activity at a zero opportunity cost. D) another name for absolute advantage.