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.
Answer: C
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The "Big Mac Theory of Exchange Rates" tests the accuracy of purchasing power parity theory. In July 2015, The Economist reported that the average price of a Big Mac in the United States was $4.79
In Switzerland, the average price of a Big Mac at that time was 6.50 Swiss francs. If the exchange rate between the dollar and the Swiss franc was 0.93 Swiss francs per dollar, explain how it would be profitable to buy Big Macs in the United States instead of in Switzerland.
When gasoline prices fall, the demand for alternative fuel cars likely:
A. falls, raising their equilibrium price and lowering equilibrium quantity. B. falls, lowering their equilibrium price and raising equilibrium quantity. C. rises, raising their equilibrium price and quantity. D. falls, lowering their equilibrium price and quantity.