Well-defined property rights:
A. are clearly written in English.
B. clearly state who owns resources and how the resources can be used.
C. allow the government to confiscate property.
D. restrict the use of land and natural resources to productive uses.
Answer: B
You might also like to view...
Consolidation in an industry can be a good thing if larger firms are more efficient at producing products at a lower price.
a. true b. false
Assume your roommate is very untidy. According to campus policy, you have a right to live in an uncluttered apartment. Suppose she/he gets a $200 benefit from being untidy but imposes a $100 cost on you. The Coase Theorem would suggest an efficient solution can be reached where: a. you continue to live with your messy roommate until you are able to make other living arrangements elsewhere. b
your roommate stops her/his messy habits or you force her/him to move out. c. you pay your roommate at least $100 but no more than $200 to clean up after (her)himself. d. your roommate pays you at least $100 but no more than $200 for the right to be untidy (or to have you clean up after her/him).