When private ownership of a resource is clearly defined and enforced, the private owner
a. has little incentive to consider the wishes of others when deciding how to employ the resource.
b. has little incentive to use the resource wisely.
c. has a strong incentive to consume the resource during the period rather than conserving it for the future.
d. has a strong incentive to use the resource wisely.
D
You might also like to view...
When Jeneva went to Costa Rica in July 2008, a U.S. dollar was worth 550 colones. If today a U.S. dollar is worth 650 colones, it means that the U.S. dollar has depreciated against the colone
Indicate whether the statement is true or false
To use an analogy that helps explain the ABCs of economic development: To build a skyscraper, you must first build the foundation. In order for an economy to create economic development, it must first develop a solid
a. network of resources b. production possibilities curve c. infrastructure d. dualist structure e. base for foreign investment and aid
A demand curve is graphed to show the relationship of the _______________ of a good on the vertical axis with the _____________ of the good on the horizontal axis.
a. price/quantity b. quantity/demand c. demand/utility d. utility/price
If the law of diminishing marginal productivity holds true, eventually both the marginal cost curve and the average cost curve must become:
A. downward sloping. B. horizontal lines. C. upward sloping. D. vertical lines.