To Be Effective in Facilitating Exchange, Property Rights Must Be

question 193

Multiple Choice

To be effective in facilitating exchange, property rights must be:

• A) nonexclusive.
• B) transferable.
• C) free.
• D) owned by everyone.

---

Definitions:

Output

The quantity of goods or services produced in a given time period by a company, industry, or country.

Input

Essential elements or factors that are put into a system or process to achieve an output or result, similar to resources used in production.

Derived Demand

The need for a product or service that is generated by the need for a different product or service.

Input Demand

The demand for resources (inputs) that are used in the production of goods and services.