What Are Property Rights

question 147

Multiple Choice

What are property rights?

• A)the title to ownership of any physical asset
• B)a legal document verifying ownership of intangible assets
• C)the rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it
• D)the right of the government to appropriate private assets for the good of society

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Definitions:

Equilibrium GDP

The level of Gross Domestic Product at which aggregate supply equals aggregate demand, indicating a stable economy.

Full Employment GDP

Full Employment GDP is the output level produced by an economy when all its labor and resources are employed at their maximum efficiency.

Multiplier

refers to a factor by which an initial change in spending will ultimately change the total economic output more than the initial amount.

Multiplier

In economics, a factor by which an initial change in spending will alter total economic output due to follow-on effects.