Reference no: EM13201746

1. Inclusive property rights provide an investor:

2. Lawyer Ayres and economist Levitt considered the net benefits of installing a LoJack from the society's standpoint positive, because the annual installation and service charges on this equipment was:

3. Which of the following is an example of an obligation associated with a right?

4. Which of the following is an aim of a price-fixing agreement?

5. An externality can occur when:

6. How can the government cut the cost of negotiation among car owners regarding LoJack installation?

7. The _____ gives a hunter ownership rights on a bird killed by him while it was flying over his property.

8. The cash or concessions present in contract terms that parties agree to in order to share risks are called:

9. Which of the following is a new law on fishing imposed by the government to increase the total supply of fish?

10. Which of the following was an outcome of uncoordinated oil drilling in Huntington Beach, California?

11. _____ refers to an enforceable set of promises to take certain actions over the future.

12. The _____ is both a forum where farmers decide what their dues will purchase, and an organization that informally coerces payments from them.

13. Investments that are specific to a relationship (i.e. of lower value elsewhere) are considered risky and require:

14. Assume that the market for executive travel is perfectly competitive. If the availability of time-sharing reduces transaction costs and the owner's cost of negotiating for a single trip, which of the following situations must occur?

15. For which of the following investment activities does the law clearly define the parties' underlying rights?

16. Which of the following features was prominent in the airline industry during the 1950s?

17. Which of the following can be classified as a highly specific asset?

18. Which of the following will be an efficient payment scheme for a defendant's attorney, who is experienced in handling similar cases in the past?

19. Suppose Jonah and Carlos have a contract, which Carlos chooses to breach. Jonah sues, and a court orders Carlos to pay him the amount he expected to gain at the time they made the contract, net of any amount he actually did receive after the breach. The form of payment which the court specifies in this example is called:

20. Which of the following examples can be associated with the task specificity aspect of an asset?

21. Which of the following is an example of a principal/agent relationship?

22. A travel agency enters into a contract with a hotel chain which gives it priority access to 25 percent of its rooms in major tourist destinations throughout the year. The contract encourages the hotel chain to increase the number of rooms in each of these hotels. The investment made by the hotel chain corresponds to which of the following aspects of specificity?

23. Escalators present in a contract must state:

24. Which of the following exemplifies specific performance that a court might order from the party in breach of a contract?

25. Fixing a payment schedule in an agreement:

26. According to the Coase theorem, if transactions and negotiations are costless:

27. Parties to the contract prefer to keep the actual agreement incomplete when:

28. Provisions that allow the contract price of a commodity to change with changes in its market price are referred to as:

29. Which of the following is an example of vertical integration?

30. _____ is an example of human specificity which raises the risks associated with opportunism.