Which of the following is not one of the three critical characteristics of efficient property rights?
A) Externality B) Transferability C) Exclusivity D) Enforceability
Answer: A
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If the Gini coefficient for Cartland is 1, it means that income distribution is perfectly equal in this society
Indicate whether the statement is true or false
Producer surplus measures the value between the actual selling price and the profit-maximization price
a. True b. False Indicate whether the statement is true or false
When offered a bet at fair odds, a risk-neutral individual
a. accepts the bet if it is sufficiently small. b. always wagers everything on one outcome or the other. c. is indifferent about the amount that he bets. d. chooses a risk-free basket of outcomes.
The costs associated with the negotiation and enforcement of an agreement are
A) property costs.
B) resource factor costs.
C) transaction costs.
D) attorney fees.