Exclusive rights of ownership that allow the use, transfer, and exchange of property are called
A) common property rights.
B) nonexclusive property rights.
C) private property rights.
D) public property rights.
C
You might also like to view...
Heidi quit her job as a chef making $40,000 per year to start her own restaurant. The first year, Heidi's restaurant earned $100,000 in revenue. Heidi pays $50,000 per year in wages to the waitresses and hostess and $20,000 per year to buy food
What is Heidi's profit as measured by an accountant for the year? A) $80,000 B) $50,000 C) $30,000 D) -$10,000
Which of the following statements is FALSE?
A) Comparative advantage is the principle upon which trade patterns are based. B) Opportunity cost measures the real cost to a country of producing a certain product. C) The gains from trade are the result of differences in opportunity cost and comparative advantage. D) A country that possesses an absolute advantage will always have a comparative advantage. E) Comparative advantage is necessary and sufficient for trade.