The Lack of Management of Common-Property Externalities Is Often a Property

question 13

Multiple Choice

The lack of management of common-property externalities is often a property rights problem caused by the lack of __________ that assigns individual or small-group property rights.

• A) an institution
• B) tax law
• C) a market
• D) political pressure

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Definitions:

Net Present Value

The difference between the present value of cash inflows and the present value of cash outflows over a period of time.