Leaving open-access resources open to all people but restricting the intensity of the use of the resources assigns
A) permanent property rights to the government.
B) temporary property rights to those people given permission to use the resource.
C) property rights to no one since the intensity of the use of the resource has been restricted.
D) property rights to everyone since the resource is available to be used by everyone.
D
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Investment, as defined by economists, would include the purchase of a
A) Treasury bond. B) corporate bond. C) share of stock in Facebook. D) cargo van by a delivery company.
Income received but not earned is
a. national income b. personal income c. personal disposable income d. indirect business taxes e. transfer payments
If a firm sold $700 worth of goods that cost $800 to produce:
A. aggregate income would still equal GDP. B. aggregate income would no longer equal GDP. C. the firm's loss would not be added to aggregate income. D. aggregate income would be negative.
A firm will employ more of an input whose relative price has fallen and, conversely, will use less of an input whose relative price has risen. Thus, a fall in the price of capital will increase the relative price of labor and thereby reduce the demand
for labor. This describes the: A. output effect. B. substitution effect. C. idea of derived demand. D. law of diminishing returns.