Poorly defined property rights imply that _____. a. people can play their music as loud as they would like b. profit opportunities exist for entrepreneurs c. a Pareto optimum is still easily achieved d. people may be able to use resources without paying for them ANSWER d
Date: September 9th, 2020
The government has a monopoly on legitimate force. a. True b. False ANSWER a
Date: September 9th, 2020
Which of the following is not a problem with poorly defined property rights? a. Insufficient incentive exists to produce resources that cannot be protected. b. Resources will tend to be underutilized. c. Individuals may be able to use resources without paying for them. d. Little incentive to conserve on the use of poorly defined resources. […]
Date: September 9th, 2020
Government’s monopoly on force implies that government can both protect and violate rights. a. True b. False ANSWER a
Date: September 9th, 2020
Property rights often remain poorly defined because of _____. a. difficulty enforcing ownership once defined b. government fiat c. strong incentives towards the status quo d. monopolies ANSWER a
Date: September 9th, 2020
The government protects rights in a market economy by providing national defense, a court system, and a well-functioning political system. a. True b. False ANSWER b
Date: September 9th, 2020
When government action is justified based on the argument that everyone agrees to be coerced _____. a. we cannot be sure that everyone is in favor of the action b. the same justification is true of market exchange c. we can be sure that the current state of affair is Pareto efficient d. the private […]
Date: September 9th, 2020
The protection of rights is an all-or-nothing proposition. a. True b. False ANSWER b
Date: September 9th, 2020
A property right _____. a. gives the owner the right to do whatever she pleases with the property b. applies to homes and cars, but not to other types of property c. does not free an individual from related obligations d. is limited by a person’s ability to protect it from predators ANSWER c […]
Date: September 9th, 2020
The government promotes economic efficiency by producing in areas where the market fails to optimally allocate resources. a. True b. False ANSWER a
Date: September 9th, 2020
