Well-defined property rights:
A. are clearly written in English.
B. clearly state who owns resources and how the resources can be used.
C. allow the government to confiscate property.
D. restrict the use of land and natural resources to productive uses.
Answer: B
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If a firm hires a worker by paying him a wage lower than his value of marginal product, ________
A) firing the worker will increase the firm's profits B) the firm is making an optimum decision C) the firm should hire more workers to increase profits D) profits of the firm are minimized
If Steve's Apple Orchard, Inc is a perfectly competitive firm, the demand for Steve's apples has
A) zero elasticity. B) unitary elasticity. C) elasticity equal to the price of apples. D) infinite elasticity.
Refer to Table 4-7. Suppose that the quantity of labor demanded increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $12.50; Q = 630,000 B) W = $8.50; Q = 550,000 C) W = $11.50; Q = 610,000 D) W = $9.50; Q = 570,000
The egalitarian principle refers to
A) "To each according to her need." B) "To each exactly the same." C) "To each according to her productivity." D) "To each according to his ability."