The Ability of an Individual to Own and Exercise Control

question 148

Multiple Choice

The ability of an individual to own and exercise control over scarce resources is called

• A)market failure.
• B)property rights.
• C)externality.
• D)market power.

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Definitions:

Population

The total population within a certain area or nation.

Fertility Rates

The average number of children born to a woman over her lifetime in a specific population.

Fertility Rates

The average number of children born to a woman over her lifetime within a population.

Developing Countries

Nations with a lower level of industrialization, lower standards of living, and lower Human Development Index (HDI) compared to developed countries.