occur when property rights are not clearly defined.Multiple choice question.ExternalitiesShortagesSurplusesProfits

Externalities exist becauseGroup of answer choicesthere is too much private ownership of property.owners of private property are not able to trade with others.owners of private property have an incentive to maintain their property.owners of private property have little incentive to protect their property.property rights are not clearly defined.

Multiple Choice QuestionIf property rights are clearly defined can the economy still experience externalities?Multiple choice question.Yes. The economy could experience scarcity.Yes. Transaction costs could be significant.No. The economy reaches equilibrium.No. Clearly-defined property rights eliminates scarcity.

Multiple Choice QuestionWhat are the two subsets of personal property?Multiple choice question.Owned and rentedTangible and intangibleFormer and latterDirect and indirect

c) Whether or not contractual rights are assignable is a matter of construction.

b) Contractual rights can be transferred to a third party through assignment.