Economy & Environment
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Questions and Answers

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?

  • 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?

  • 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?

    <p>The laws of nature</p> Signup and view all the answers

    What does an economic system exist within and is encompassed by?

    <p>The natural world</p> Signup and view all the answers

    True or false: An efficient structure of property rights has two main characteristics: exclusivity and transferability?

    <p>False</p> Signup and view all the answers

    True or false: Property rights should be secure from involuntary seizure or encroachment by others in order to be considered enforceable?

    <p>True</p> Signup and view all the answers

    True or false: Owners of resources with well-defined property rights have no incentive to use those resources efficiently?

    <p>False</p> Signup and view all the answers

    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?

    <p>True</p> Signup and view all the answers

    True or false: Property rights that are not transferable can still lead to efficient allocations in a well-functioning market economy?

    <p>False</p> Signup and view all the answers

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