Which statement about the rule of law and economic growth is correct? Select the best answer....

Which statement about the rule of law and economic growth is correct? Select the best answer.
Any amount of money that individuals own is their property, and they can use it however they want (within legal parameters).
The only factor of economic growth is the constant increase in power-driven machinery and, therefore, increase in production.
The definition of property includes physical property only.

Solutions

Expert Solution

The first statement is correct.

Any amount of money that individuals own is their property, and they can use it however they want (within legal parameters).

Any amount of money an individual has earned or gained in adhere to legal parameters is his property and he is free to use it any way he feels like. He can keep it in the bank, lend it to any other person or keep it as physical cash with himself.

Property can be physical or non-physical. If a person earns money by selling a product, it's physical. If a person provides a consultation like legal advice or a Chartered Accountant provides its services for filing the ITR, it's non-physical.

If a person after receiving a service does not pay for the service received, it is like he is stealing another person's property (i.e. his services), which is not legal and the other person can sue him for that.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

Give an explicit explanation of your answer Which statement is correct about trade preference theories? Select...

Give an explicit explanation of your answer Which statement is correct about trade preference theories? Select one: a. According to the factor model (Stolper-Samuelson), the demand for protection is industry specific b. According to the sector model (Ricardo-Viner), the demand for protection comes from import competing industries c. According to the factor model (Stolper-Samuelson), the demand for trade liberalization comes from the abundant factors of production d. According to the sector model (Ricardo-Viner), the distributional consequences of trade politics falls...

Choose the correct answer. 1.Which of the following statements about the income statement is correct? The...

Choose the correct answer. 1.Which of the following statements about the income statement is correct? The income statement covers a specific point in time. The elements of the income statement include income from operations and distributions to owners. The income statement summarizes the results of a company's operations for a period. All of the above. 2. A company's balance sheet shows the value of assets, liabilities, and stockholders' equity: Over a period of time for any given period of time...

Which statement is correct about a shift in the aggregate supply curve to the right and productivity growth?

Which statement is correct about a shift in the aggregate supply curve to the right and productivity growth? Assume that aggregate demand remains unchanged. Select the best answer When the SRAS curve shifts to the right, at every price level, producers supply a lower quantity of real GDP. A higher level of productivity shifts the aggregate supply curve to the right. Real growth in GDP per capita is always faster than productivity growth

The following statements are about variable life insurance. Select the answer choice containing the correct statement....

The following statements are about variable life insurance. Select the answer choice containing the correct statement. The insurance company alone assumes the investment risk for variable life insurance policies. Variable life insurance policies offer policyowners guaranteed investment earnings and minimum cash values. Assets representing policy reserves of variable life insurance policies are placed in investment accounts that are kept separate from the insurance company’s general investment account. The death benefit provided by a variable life insurance policy remains constant throughout...

Which statement about sponges is correct?

1.Which statement about sponges is correct?Sponges have two germ layers, which give rise to well-organized tissues.Sponges can only reproduce asexually by fragmentation or budding.Most sponges have bilateral symmetry.Sponges belong to the group of invertebrates known as cnidarians.Sponges are filter feeders.2. Which are invertebrate chordates?tunicates onlylancelets onlyjawless fishes onlytunicates and lancelets but not jawless fishestunicates, lancelets, and jawless fishes

Select the best answer for the question. 7. Which one of the following statements about diesel...

Select the best answer for the question. 7. Which one of the following statements about diesel engines is true? A. The temperature of the fuel in a diesel engine has an effect on the power output. B. Diesel engines deliver usable torque through a much wider rpm range than gasoline engines. C. Diesel engines run quieter than gasoline engines. D. Acceleration is faster with a diesel engine compared to a gasoline engine.

Select the best answer for the question. 1. Which of the following statements about engine configurations...

Select the best answer for the question. 1. Which of the following statements about engine configurations is true? A. V-type engines are less expensive to overhaul than inline engines. B. The most popular diesel engine configuration is the V-type engine. C. In an inline engine, the cylinders are set at an angle to the crankshaft. D. V-type engines are normally shorter in length and lower in height than inline engines.

Which statement is true about the differences between the endocrine and nervous systems? Select all correct...

Which statement is true about the differences between the endocrine and nervous systems? Select all correct answer choices. a. The endocrine system can create signals that last longer than the signals produced by the nervous system. b. The nervous system creates slower transmitting signals compared to the signals of the endocrine system. c. An endocrine cell can potentially reach more target cells with its signals than one neuron.

Which statement is not correct about internal force? Select one: a. Internal forces describe the stress...

Which statement is not correct about internal force? Select one: a. Internal forces describe the stress and strain inside a body, whereas external forces are applied onto the body by its surroundings. b. Shear force acts in the axial direction of a beam and tends to make the beam grow shorter or longer. c. Bending moment is a reaction produced by the inside of a beam when forces are applied to make it bend. d. There are three types of...

Which statement is true? Select one: a. To have economic growth, we must have zero unemployment....

Which statement is true? Select one: a. To have economic growth, we must have zero unemployment. b. On the production possibilities frontier, unemployment is zero percent. c. To get out of a recession, we must move to some point closer to the production possibilities frontier. d. On the production possibilities frontier, 85 percent of the labor force is employed. Which of the following is true? Select one: a. Keynes suggested that savers save and investors invest for different reasons. b....

Subjects