1. Legal protections for private property, even intellectual property, are neces
ID: 1236854 • Letter: 1
Question
1. Legal protections for private property, even intellectual property, are necessary:Because less investment will be undertaken without those protections
To promote efficiency
All options are correct
To ensure whoever created the investment will reap the benefits
2. Which statement best describes the law of demand?
Stan buys fewer pencils because the price of pencils has gone up
Doris sells fewer pencils because the price of pencils has gone up
Trudy sells more pencils because the price has gone up
George buys more pencils at every price.
3. Which of the following statements about factors of production is false?
Physical capital is the only produced factor of production
Human capital is the experience, knowledge, and education embodied in workers
Labor is the physical and mental talents of households.
Financial capital is a factor of production
Explanation / Answer
To ensure whoever created the investment will reap the benefits Trudy sells more pencils because the price has gone up Physical capital is the only produced factor of production
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