Property rights are: Select one: rights that include the right to own financial, but not physical, assets b.

Q1:Property rights are:

Select one:

a. rights that include the right to own financial, but not physical, assets

b. social arrangements that govern the ownership, use, and disposal of goods and factors of production

c. the rights to use money in exchange for goods and services

d. rights that do not include the right to own financial assets

Q2:Secondary factors of production are factors that impact on the ability of firms to transform the primary factors, capital and labour, into the optimal stock of capital.

Select one:

True

False

Q3:Which of the following explains why the demand for a factor, either labour or capital, slopes downward?

Select one:

a. Diminishing marginal productivity of a factor

b. Constant returns to scale

c. Diminishing marginal productivity of labour

d. Decreasing returns to scale