Question

Consider a country in which most of the productive resources are collectively owned by the state. As this country moves toward a system of private property rights, we can expect economic growth to ________ due to a(n) ________ the production function.

Answer 1

People often have property rights. we can expect economic growth to increase due to an upward movement along  the production function.

What is property rights?

• Property rights is known to be the theoretical and legal ownership of some specific resources and how one can use them.

In economics, property rights is known to be the basis for all kinds of market exchange, and the sharing of property rights in a society influences the efficiency of resource use.

Conclusively, the stronger or the increase in the set of property rights, the more increase the zeal to work, save, and invest, and this in turn leads to a more better operation of the economy system.

See options below

decrease; downward movement along

increase; upward movement along

decrease; downward shift of the

decrease; movement up along

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