In the context of legal framework,which of the following statements is true about the property system?
A) The state takes ownership of resources directly as a result of legislation provided.
B) The citizens acquire resources primarily through taxation.
C) The state enforces rights when people legally have exclusive property rights in scarce resources.
D) The state primarily plans what people should do and allocates the resources.
E) The state limits and excludes any redistribution of resources through voluntary exchange.

Question

Quizplus · Accepted Answer

In the property system, the state does not plan what people should have nor does it acquire and redistribute resources to them. Rather, the people themselves determine how resources are distributed through voluntary exchange, usually for money that they use to acquire other resources they need or want. The role of the state is to recognize legally when people have exclusive property rights in scarce resources and to allow them to enforce their rights through legal institutions like courts.

In the Context of Legal Framework,which of the Following Statements