When Private Ownership Rights Are Well-Defined and Enforced, Owners

question 121

Multiple Choice

When private ownership rights are well-defined and enforced, owners

• A) can ignore the wishes of others, without bearing the cost.
• B) have little incentive to take care of things.
• C) can do anything they want with their property.
• D) can be held accountable for damage to others through misuse of their property.

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Definitions:

Percent Unemployment

The slice of the labor force that remains without work but is actively engaging in job search.

Capacity Utilization Rate

A measure of how much of a company's or industry's potential output is being used, often expressed as a percentage.

Unemployment Rate

The percentage of the labor force that is jobless and seeking employment, a key indicator of economic health.

Opportunity Cost

The loss incurred from not choosing the immediate best alternative in the course of decision-making.