Economists believe having higher prices for scarcer resources promotes efficiency

Personal consumption expenditures include:

a. all commodities that business firms buy. b. the purchase prices paid for stocks and bonds by individual households. c. the construction of residential housing. d. all goods and services bought by households. e. the corrected value of housewives' services.

Governments and legislatures can erect barriers to entry. Which of the following would NOT be one of them?

A. licenses B. patents C. tariffs D. laws that ensure property rights