When Private Ownership of a Resource Is Clearly Defined and Enforced

question 116

Multiple Choice

When private ownership of a resource is clearly defined and enforced, the private owner

• A) has little incentive to consider the wishes of others when deciding how to use the resource.
• B) has little incentive to take care of the resource.
• C) has a strong incentive to use the resource wisely and to consider seriously the wishes of others when deciding how to employ the resource.
• D) has a strong incentive to consume the resource during the period rather than conserving it for future use.

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Definitions:

Symbolic Notation

The use of symbols to represent numbers, operations, relations, or concepts to simplify the expression of mathematical, logical, or scientific ideas.

Atomic Components

Fundamental parts or particles that constitute an atom, such as electrons, protons, and neutrons.

Symbolic Notation

The use of symbols or abbreviations to represent objects, operations, relations, or concepts in various fields.

Workfare Provision

A policy requiring individuals to work or participate in training programs in exchange for welfare benefits.