If Property Rights Are Poorly Defined

question 52

Multiple Choice

If property rights are poorly defined

• A)no one can really "own" property
• B)time and energy are wasted in disputes about ownership
• C)most exchanges are involuntary exchanges
• D)consumer surplus cannot exist
• E)producer surplus cannot exist

---

Definitions:

Raw Score

An original, unmodified score obtained in a measurement or test.

Normal Curve

Another term for a normal distribution, characterized by its bell-shaped curve where most observations cluster around the central peak and the probabilities for values further away from the mean taper off equally in both directions.

Mean

The arithmetic average of a set of values, found by dividing the sum of all values by the number of values.

Median

The midpoint in a set of values, such that 50% of the cases in a distribution fall below the median and 50% fall above it.