A quota is one example of a protectionist policy.

Rent is what entrepreneurs earn, but it is called profit to distinguish it from other forms of rent

Indicate whether the statement is true or false

(I) Historically, countries with colonial settlers who planned on staying for long periods of time set up sound economic institutions. (II) Countries with harsh environments not suitable for permanent settlements resulted in colonial settlers adopting weaker and less productive economic institutions before leaving

a. I is true; II is false.
b. I is false; II is true.
c. Both I and II are true.
d. Both I and II are false.