Private Property Rights Involve

question 19

Multiple Choice

Private property rights involve

• A) exclusive rights to use, transfer, and exchange the property.
• B) exclusive rights to use property, but not to exchange the property.
• C) rights to enjoy the property in any way desired but not to transfer or exchange the property.
• D) rights granted by the government for renewable terms of 100 years or more.

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Definitions:

Utility Function

An illustrative model that shows the way individuals prioritize various combinations of products based on their contentment levels.

Coconuts

The large, brown, hard-shelled seeds of the coconut palm, used for food, oil, and as a source of material.

Fish

Aquatic vertebrates that live in water, breathe with gills, and typically have fins and scales.

Increasing Returns to Scale

A situation in production where an increase in the quantity of inputs leads to a proportionally larger increase in output.