What are private property rights? Does enforcement of property rights promote economic growth and prosperity?
What will be an ideal response?
Private property rights mean that individuals can own businesses and assets, and their ownership is secure. Private property rights are conducive to economic prosperity, because when they exist, citizens do not have to worry about the government or someone else taking away their assets arbitrarily. This provides an incentive to innovate, and improve efficiency of production that leads to economic prosperity.
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Which of the following is true?
i. The advanced economies account for more than half of global production. ii. Almost four out of every five people in the world live in the developing economies. iii. In the advanced economies, agriculture accounts for a larger part of total production than in the developing economies. A) Only i and ii B) i, ii, and iii C) Only i D) Only ii and iii E) Only i and iii
Physical destruction of property during the Civil War (1861–1865) occurred on a wide scale in both the North and the South
Indicate whether the statement is true or false