26 May Question 40) A resource that is a common property is
Question
40) A resource that is a common property is
A) oil on land owned by a drilling and refining company.
B) natural gas on land owned by an energy producer.
C) timber on land owned by a lumber company.
D) water in a publicly owned river.
41) Property that is owned by everyone and therefore by no one in particular is referred to as
A) common property.
B) social property.
C) private property.
D) commercial property.
42) Property owned by everyone (and thus no one in particular) is generally referred to as
A) social property.
B) private property.
C) common property.
D) natural property.
43) Which of the following is NOT an example of common property?
A) a trampoline
B) air
C) gravity
D) sunshine
.
44) Which type of property would be the most likely to experience pollution?
A) common property
B) private property
C) property held in partnership
D) corporate property
45) For voluntary action to correct an externality,
A) transaction costs have to be high.
B) transaction costs have to be low.
C) transaction costs have to be split evenly between all of the parties involved.
D) transaction costs are irrelevant.
46) All of the costs associated with making and enforcing contracts are referred to as
A) alternative costs.
B) opportunity costs.
C) marginal costs.
D) transactions costs.
47) In a situation in which property rights are not well-defined and social costs exceed private
costs, government can use all of the following to induce producers to bring private costs into
alignment with social costs EXCEPT
A) taxing production.
B) coercive limits on production.
C) subsidization of production.
D) regulation of production.
48) Suppose a large tree on Adam’s property blocks Eve’s view of the ocean. Adam accepts Eve’s
offer of $15,000 to cut down the tree. This is an example of
A) internalizing externalities via voluntary agreements.
B) a result of logrolling.
C) a consequence of a positive externality.
D) a consequence of private costs exceeding social costs.
49) The costs associated with the negotiation and enforcement of an agreement are
A) property costs.
B) resource factor costs.
C) transaction costs.
D) attorney fees.
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