Property rights are social facts because
A) they are created and enforced by government.
B) they are widely distributed throughout society.
C) they depend upon other people's acceptance of corresponding obligations.
D) they must be held in common to be effective.
C
You might also like to view...
What does marginal cost measure?
What will be an ideal response?
To prevent shortages of cash during a crisis, the Fed: a. saves up cash in bank vaults around the country and the world. b. reduces liquidity in the economy so that more cash can be saved. c. sells U.S. government securities to commercial banks
d. demands interest payments on reserves held at the Fed. e. increases the discount rate.
All else equal, compared to small-budget items such as paper towels, the price elasticity of demand for big-ticket items such as refrigerators is:
A. equal. B. lower. C. higher. D. very low.
Refined raw materials that have not yet reached the finished product stage are called
a. raw goods b. unfinished goods c. finished goods d. works-in-process e. prefinished products