Private property rights are
A) an externality.
B) a social cost.
C) property that is owned by everyone and therefore by no one.
D) exclusive rights of ownership.
D
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When the government taxes a good or service, it
A) increases consumer surplus for the good or service. B) increases producer surplus for the good or service. C) eliminates the deadweight loss associated with the good or service. D) affects the market equilibrium for that good or service.
Markets are primarily responsible for the rapid rise in productivity during the twentieth century
a. True b. False Indicate whether the statement is true or false
An important assumption in the theory of public choice is that
A. scarcity does not exist in the government sector. B. individuals will only operate outside the political process when their well-being is involved. C. individuals will act within the political process to maximize their collective well-being. D. individuals will act within the political process to maximize their individual well-being.
The primary purpose of economic regulation of an industry is to
A. reduce output. B. control hiring and firing within the industry. C. control the prices charged by the regulated industry. D. increase taxes across the board.