Question 1

The Coase Theorem implies that transactions costs are important in whether or not the initial assignment of property rights matters for economic efficiency.Describe what is meant by transactions costs and how transactions costs tend to vary as the size of groups increase.

Accepted Answer

The answer of The Coase Theorem implies that transactions costs...

Question 2

What is an entitlement? Specifically discuss how it might be different than a property right,properly understood.Using your definition,discuss how the right to bear arms and the right to an education might be different.

Accepted Answer

The answer of What is an entitlement? Specifically discuss how...

Question 3

Are zoning laws necessary to achieve separate residential and industrial neighborhoods? Why or why not? Provide a historical example that gives credence to your answer.

Accepted Answer

The answer of Are zoning laws necessary to achieve separate...

Question 4

What is the common pool problem? Provide some examples.

Accepted Answer

The answer of What is the common pool problem? Provide...

Question 5

The bureaucrat in charge of managing a state park is contemplating whether or not to ban snowmobiles from the park.What sort of factors is she likely to weigh when making her decision? How might those factors differ if she was the park manager for a private corporation?

Accepted Answer

The answer of The bureaucrat in charge of managing a...

Question 6

Twenty-first century land use planning has been increasingly focused on economic efficiency.

Accepted Answer

Twenty-first century land use planning has increasingly focused on sustainability, environmental impact, and social equity, rather than solely on economic efficiency.

Question 7

Define property rights.Give an example of a property right in action.Are property rights absolute? If they are situations where they are not,using your previous example,give a situation where that property right might not be absolute.

Accepted Answer

The answer of Define property rights.Give an example of a...

Quiz 3: Property Rights and Economic Efficiency