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
The argument that government action is justified based on the fact that people would agree to be coerced to do the action if everyone else is forced to do the action is essentially an argument based _____. a. upon the transitional gains trap b. on the free rider problem c. on the ideal of the […]
Date: September 9th, 2020
Which of the following statements best summarizes why buffalo almost became extinct during the 1800s? a. Hunters from the East refused to respect the buffalo as the American Indians did. b. Demand for buffalo meat was high in Eastern markets. c. No one owned a buffalo until it was killed. d. Buffalo do not run […]
Date: September 9th, 2020
The key to reaching a Pareto optimum through mutually beneficial exchange _____. a. is to remove barriers to international trade b. is to establish property rights for valuable resources c. is to provide start-up capital to fledgling entrepreneurs d. is to encourage people to use online auction services ANSWER b
Date: September 9th, 2020
The primary problem with the argument that “we agree to be coerced if everyone is coerced” to do an action is _____. a. there is no way to know whether it is true or not b. it only applies to a limited number of situations c. it only applies to actions in the public interest […]
Date: September 9th, 2020
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
