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

b.False

c.Somewhat True

d.Somewhat False

3.It is often said that through private property ______________________________________.

a.The many enslave the few

b.The few enslave the many

c.People's rights remain un-ascertained

d.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

b.False

c.Somewhat True

d.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

b.$225

c.$150

d.None of the Above

6.In reference to property, economics seeks to _____________________________________.

a.Explain what property is

b.Informs us of what economics is

c.Predicts the effects of alternative forms of ownership

d.Predicts the value of stock in a company

7.Property is never a bundle of rights. Rather, it tells one what he/she can and cannot do with the property owned.

a.The first statement is false, but the second statement is true

b.The first statement is true, but the second statement is false

c.Both statements are false

d.Both statements are true

8.What is the one thing over which people usually bargain?

a.Whether the product is of good quality

b.Whether the seller will provide a guarantee as to the fitness of the product

c.The price of the product

d.The longevity of the product (as in, whether it will be usable for, for example, a month or a year)

9.And equitable relief is forward looking. A legal remedy is backward looking.

a.The first statement is true, but the second statement is false

b.The first statement is false, but the second statement is true

c.Both statements are true

d.Both statements are false

e.None of the Above

10.Damages are the usual remedy awarded if damage to property occurs.

a.True

b.False

c.Somewhat True

d.Somewhat False