In the absence of well-defined property rights, we would likely find
A. people with less incentives to take risks.
B. increases in investment activity.
C. higher economic growth rates.
D. people with more incentives to take risks.
Answer: A
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Most U.S. firms face:
A. perfect competition. B. some degree of competition. C. market power resting in a few large firms in every industry. D. no competition at all.
How a supply curve is sloped and located is affected by:
A) consumer preferences. B) resource prices. C) the number of consumers. D) all of the above.
Leontyne Price was earning $1,000 a week in 1940 and $3,000 a week in 1950. If the CPI rose from 100 in 1940 to 300 in 1950, then between 1940 and 1950 Ms. Price's real wages
A. rose substantially. B. rose slightly. C. stayed the same. D. fell slightly. E. fell substantially.
If a pollution tax imposed on a firm is greater than its external cost:
A. the externality will be fully internalized. B. the social production cost will increase by the amount of the pollution tax. C. the pollution tax will be efficient. D. from a society's point of view, the firm will be producing too little.