All of the following are included in the right to control one's property EXCEPT
A) The right to sell the property to a neighbor
B) The right to exclude the utilities' meter reader
C) The right to erect "no trespassing" signs
D) The right to enjoy profits from its ownership
Answer: B) The right to exclude the utilities' meter reader
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In Econland total output is $6 billion, population equals 250,000 people, and, of these, 200,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $30,000; $30,000 B. $24,000; $24,000 C. $30,000; $24,000 D. $24,000; $30,000
There is an exchange rate between
A. every pair of currencies. B. the world’s major currencies but not between the currencies of less-developed countries. C. currencies on a fixed exchange rate system but not for those on a floating rate system. D. the currencies of the European Union but not for the nations outside the European Union.
Four stores have a problem with theft and security is a public good. Let S stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 200 - 2S. Patrols cost $20 per hour. What is the socially efficient level of security?
A. 90 person-hours of patrols per week B. 100 person-hours of patrols per week C. 92.5 person-hours of patrols per week D. 97.5 person-hours of patrols per week
Why do most people choose to specialize in a narrow set of skills for their work, rather than to learn a little bit about several varied fields of endeavor?
A) They feel that doing so will minimize their chances of being unemployed. B) They don't correctly perceive the costs of being so specialized. C) It allows them to earn more income by being more productive. D) They are unaware of how much better off they would be if they diversified their skills.