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Chapter 3: Problem 9

In the United States, nearly all resources are owned by \(-\) (LOI) c) individuals a) the government b) business firms d) foreigners

Short Answer

Expert verified
In the United States, nearly all resources are owned primarily by \(c)\) individuals, as the country has strong private property rights that support individual ownership of resources.

Step by step solution

01

Analyzing the options

First, let's take a look at each of the given options and quickly analyze their likelihood: a) the government: Although the government owns many resources, it doesn't own nearly all resources of the United States. b) business firms: Business firms indeed own a significant amount of resources, including land, capital, and labor. However, they do not own nearly all resources. c) individuals: Individuals could be a possible option, as they may own a large share of resources in the United States because of the country's private property rights. d) foreigners: Foreigners do invest in the United States and may own some resources, but they don't own nearly all resources.
02

Identifying the correct answer

Based on our analysis in Step 1, it can be concluded that the most likely primary owner of most resources in the United States should be: c) individuals - as the United States has strong private property rights, it supports the idea that a large portion of resources would be owned by individuals.

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