The Problems of Externalities and Poorly Formed Property Rights Are

question 45

Multiple Choice

The problems of externalities and poorly formed property rights are:

• A)minor in modern economies.
• B)among several rationales for the existence of government.
• C)better solved by private rather than government action.
• D)the only two legitimate reasons for creating government.

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Definitions:

Edmund Burke

An Irish statesman and philosopher, often regarded as the father of modern conservatism, known for his support of the American Revolution and critiques of the French Revolution.

Act of Union

Refers to various legislative acts that united two or more regions or countries into a single entity, such as the 1707 act uniting England and Scotland.

1707

The year marking the unification of the Kingdoms of England and Scotland into the Kingdom of Great Britain, as ratified by the Acts of Union.

Political Parties

Organized groups of people with similar political aims and opinions, seeking to influence public policy by getting their candidates elected to public office.