Question

Compare a property rights system in which people are allowed to keep one-third of the monetary rewards of their labor with a system in which they keep two-thirds. We should expect more entrepreneurship under the __________ system and faster real economic growth under the __________ system.

Answer 1

Answer:

latter, latter

Explanation:

Property rights system determine how economic resources are used and owned by individuals, associations, collectives, or governments.

It also includes intellectual property such as inventions or ideas.

Such rights reduce destructive competition for control of economic resources. and replace this competition by peaceful means.

In a system where people are allowed to keep one-third of the monetary rewards of their labor with a system in which they keep two-thirds, we should expect more entrepreneurship under the latter system and faster real economic growth under the latter system.