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Econ-101 Practice Quiz 1 TOP SCORE RATED A+
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According to our text, why is it so important that a government providing essential functions and sound economic rules exist in a capitalist economy? Because a government needs to enforce contracts, provide essential public goods and protect private properties. Let's consider the housing market. Which of the following contributes to an increase in the price of houses? Housing prices are expected to rise in the future. Which of the following is a characteristic of a country with a relatively high per capita (per person) earnings? Strong private property rights.
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