Podcast
Questions and Answers
Which two elementary economic functions are pursued by society?
Which two elementary economic functions are pursued by society?
- Production and distribution (correct)
- Distribution and consumption
- Production and consumption
- Technology and management
What does distribution refer to in the context of the economy?
What does distribution refer to in the context of the economy?
- The technological and managerial means of production
- The final utilization of goods and services
- The way goods and services are divided among individuals and groups (correct)
- The quantities of goods and services produced
What is consumption in the context of the economy?
What is consumption in the context of the economy?
- The final utilization of goods and services (correct)
- The technological and managerial means of production
- The way goods and services are divided among individuals and groups
- The quantities of goods and services produced
What governs the processes and changes of an economic system?
What governs the processes and changes of an economic system?
What does an economic system exist within and is encompassed by?
What does an economic system exist within and is encompassed by?
True or false: An efficient structure of property rights has two main characteristics: exclusivity and transferability?
True or false: An efficient structure of property rights has two main characteristics: exclusivity and transferability?
True or false: Property rights should be secure from involuntary seizure or encroachment by others in order to be considered enforceable?
True or false: Property rights should be secure from involuntary seizure or encroachment by others in order to be considered enforceable?
True or false: Owners of resources with well-defined property rights have no incentive to use those resources efficiently?
True or false: Owners of resources with well-defined property rights have no incentive to use those resources efficiently?
True or false: Farmers who own the land have an incentive to fertilize and irrigate it because a decline in the value of that resource represents a personal loss?
True or false: Farmers who own the land have an incentive to fertilize and irrigate it because a decline in the value of that resource represents a personal loss?
True or false: Property rights that are not transferable can still lead to efficient allocations in a well-functioning market economy?
True or false: Property rights that are not transferable can still lead to efficient allocations in a well-functioning market economy?
