Which of the following is false?
a. Property rights provide the rules of the economic game
b. Well defined property rights give individuals the incentive to use their property efficiently.
c. Owners with property rights have an incentive to conserve their property.
d. Owners have no incentive to care what values others place on what they own.
d
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The services produced by spouses who cook, clean, and otherwise maintain homes are not counted in the gross domestic product because
A) services are not tangible goods. B) there is no accepted and reliable way to measure their value. C) they do not add to the wealth of the nation. D) this would entail double-counting, since such spouses usually receive free room and board. E) while they are useful services, they do not represent productive labor.
Both the permanent-income and life-cycle hypotheses modify Keynesian consumption theory by distinguishing the effects of
A) temporary and permanent changes in disposable income. B) changes in the disposable income of upper income and lower income classes. C) changes in labor income and interest income. D) small and large changes in disposable income.
Profit-maximizing employment is the quantity of labor at which
A) marginal revenue product is equal to marginal factor cost. B) marginal revenue product is equal to product price. C) marginal factor cost is equal to marginal revenue. D) marginal factor product is equal to product price.
Imagine that the best and the brightest professionals of the planet Venus migrate to Earth to work. The upside of this brain drain is
a. the remittances sent home to Venus b. getting rid of snooty Venetians c. not being able to afford the modern machinery that will help the Venetians become more productive d. decreased labor supply on Venus e. increased income inequality on Venus