How does the "rule of law" increase wealth for a country?Multiple ChoiceIt is up to society to make decisions and they can choose whatever rules they want.Known and predictable laws make governing a business less risky.Rule of law takes away incentives for the business.It guarantees business owners profit which improves the country’s standard of living.

From an economist’s perspective, why are property rights and the rule of law so important for economic development?Multiple ChoiceThey discourage all criminal activity that encourages economic growth and development.They provide a creative environment that encourages economic growth and development.They prevent other countries from benefiting from trade, which helps our economic growth and development.They create incentives and stability for economic growth and development.

What basic laws limits economic activity?Group of answer choicesthe planetthermodynamicsBernoulli's Principlebusiness/income tax

Developed countries with more unequal distribution of wealth have citizens who tend to trust others less.Group of answer choicesTrueFalse

The ______ is when society enforces property rights, contracts, and other rules based on an established set of laws.Multiple Choicerule of lawrule of manrule of forcerule of one

In one’s personal life many laws must be known and followed, and additional laws, known as ________, apply to a business and its workers, and these too must be known and followed.Multiple Choiceworker lawThere are no such defined laws that apply to businesses.the business constitutionemployment lawde facto business rules