1. What does the law of property work?

a. Informs us of what property is

b. Supplies the legal framework for the allocation of resources

c. Convicts criminals when they trespass

d. None of the Above

2. An injunction is the most common form of legal remedy courts render so that the

rights of individuals are protected.

a. True

e. False

f. Somewhat True

g. Somewhat False

3. It is often said that through private property ______________________________________. a. The many enslave the few

h. The few enslave the many

i. People's rights remain un-ascertained

j. Two of the Above

4. A property owner has the right to do anything on his/her property so long as the

impugned conduct is not illegal.

a. True

k. False

l. Somewhat True

m. Somewhat False

5. John owns a laptop, which he wishes to sell for $1,000. Katie thinks the laptop is

worth $1,500. If John sells the laptop to Katie for $1,200, what is the cooperative

surplus (if any)?

a. $300

n. $225

o. $150

p. None of the Above

1. In reference to property, economics seeks to _____________________________________. a. Explain what property is

q. Informs us of what economics is