The Legal Rights Over the Use to Which a Resource

question 102

Multiple Choice

The legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource.

• A) Property rights
• B) Public action
• C) Intellectual rights
• D) Private action

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Definitions:

Opportunity Cost

The cost of the next best alternative foregone as a result of making a decision.

Tuition

The fee charged by educational institutions for instruction and other services.

Room And Board

Room and board refers to the combination of housing and meals that an institution, such as a university or college, provides for its residents.

Redistribution Of Wealth

The transfer of income and wealth from some individuals to others through a social mechanism such as taxation, charity, welfare, public services, land reforms, or monetary policies.