When the Absence of Property Rights Causes a Market Failure

question 31

Multiple Choice

When the absence of property rights causes a market failure, the government can potentially solve the problem

• A)by clearly defining property rights.
• B)through regulation.
• C)by supplying the good itself.
• D)All of the above are correct.

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Definitions:

National War Labor Board

A wartime agency created during World War II in the United States to mediate labor disputes and prevent strikes that would disrupt production in war industries.

Industrial Peace

A state of harmony and cooperative relationships between labor and management, often resulting in the absence of strikes or labor disputes.

Workplace Disputes

Conflicts that arise in the workplace environment, including disagreements over policies, discrimination, wages, and working conditions.

National Labor Relations Act

A cornerstone piece of US legislation enacted in 1935 that protects the rights of employees and employers, encourages collective bargaining, and curtails certain private sector labor and management practices that can harm the general welfare.