Question In parts of Eastern Europe, companies maintain special guards to protect payday funds, to help move products to market, and to enforce immediate payment for products sold to retailers. All

In parts of Eastern Europe, companies maintain special guards to protect payday funds, to help move products to market, and to enforce immediate payment for products sold to retailers. All of these features indicate:

that property rights are respected and transactions costs are low.

that property rights are weak and transactions costs are low.

that property rights are weak and transactions costs are high.

that property rights are respected and transactions costs are high.
4 points
Question 2

The transactions costs of writing and enforcing contracts are higher in:

countries with poorly-enforced property rights.

countries with strongly-enforced property rights.

all counties with good court systems.

countries without political risks of property confiscation.
4 points
Question 3

Firm specific assets, costs or measuring quality, externalities, and coordination problems all may mitigate against:

vertical integration.

long term markets.

open markets.

efficient production methods.
4 points
Question 4

While firms buy many of their inputs through the open market, there is often a desire to produce critical inputs. A common concern in producing an input yourself (internally) is that:

the firm will find it too easy to manage quality.

the firm will not minimize costs at a high enough level of output.

outside competitors will learn about your inputs.

your firm will get prompt supply of the input.
4 points
Question 5

Adolph Berle and Gardiner Means argued that widely held corporations will be run inefficiently by professional managers. Yet large, publicly-traded corporations continue to produce the bulk of the free world’s output. The widely held corporation survives because:

it can raise capital from diversified investors.

ownership and control are separated.

government taxes large corporations at low rates.

its size insulates it from market competition.
4 points
Question 6

If property rights are enforced and contracts in trade are legally respected, it is usually assumed that:

output will begin to fall.

investment will be encouraged.

transactions costs will rise.

government is unnecessary.
4 points

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