law and econ
In a case where government takes the land for public use, the efficient rule for the for the courts to adopt is a rule of "police power regulation" and thus never compensate the landowner for the loss
False
From a Law and Economics point of view, patents are required to possess all but which of the following characteristics
They confer an exclusive right to use and sell an invention for a lifetime period of the inventor
In general property rights protection is done through all but which of the following:
Just deserts rules
Currently, patent law awards a patent for 20 years. However this period is arbitrary and patents could just as easily run 100 years with no ill effects.
False
Inalienability refers to
A rule of law that that prohibits the sale of some things under any circumstance
In the US, property rights are often defined and allocated by
All of the above
Vandalizing of street lights by residents in a local community represents
Consumer-producer negative externality
Under Property Rights Law, most dress designs and perfumes are not protected with intellectual property rights mainly because
Costs of research and development in copying dress designs and perfumes are LOWER
Property rights protection is needed for a potentially life preserving pharmaceutical because
Costs of research and development in creating such goods are higher
The advantage of the stability of decisions (stare decisis) of a legal system is that
Court decisions become more consistent and predictable Problems with similar problems are treated equally Planning and investment in the economy are done much more confidently If facts are the same, then decisions will be the same All of the above
A "Pigovian Tax" equal to the marginal cost of pollution is the least-cost solution to the problem of electric utilities polluting the air by burning coal
False
In assigning property rights "property produced by fraudulent or deceitful means", it is always most efficient to use the rule of "first possession" which says that the prior rightful owner has title superior to that of the bona fide purchaser
False
In assigning property rights to human organs, it is always most efficient to use the rule of inalienability because this rule imposes a price ceiling of zero on human organs and thus eases the social pressure on relatives and friends of patients to make a voluntary donation of organs
False
In the theory of externalities, if an externality is caused to say a paper firm polluting a river by placing dioxin in the river, then the Coasian analysis of property rights disputes implies that the most efficient solution will be to place a liability on the paper firm since it is the party causing the externality
False
The cost of a week of vacation is simply the money cost of the plane, food, etc.
False
When assigning property rights in stolen goods, it is always most economically-efficient to give the property rights to the original owner, thus placing the risk of loss on the person who buys from the thief
False
in nuisance law, it is always economically efficient for courts to use automatic injunctions no matter how slight the harm to the plaintiff and no matter how socially valuable the defendant's activity because such actions produce net social benefits
False
Courts and other organizations base their property rights allocation decisions on all but which of the following rules?
Inalienability rule
The major drawback of an inalienability rule in the market for human organisms is
It causes excess demand of human organisms
Common field agriculture which combines crop cultivation and pasturage is an example of
Mixed-property regime
In general, which of the following protects the landowner's property right in "use and enjoyment" of his or her property
Nuisance Law
The major drawbacks of permanent compensatory damages in property rights protections are all but which of the following
Once the defendant pays he/she has an incentive to abate the nuisance
In common law, legal sanctions refer to
Orders of courts that must be enforced
In the matter Lucas vs SC Coastal Council, which of the following best describe an externality that occurred
Producer-producer negative externality
Yellowstone National Park located in the US States of WY, ID, and MT is an example of
Public (res publicae) property
In general, eminent domain refers to all but which of the following
The government's most comprehensive of nuisance regulation
From a law and economics point of view, property rights refer to all but which of the following?
The right of a stock owner in a corporation to possess all corporate assets
From an economic point of view, the purpose of public nuisance law is
To internalize externalities that private actors impose on the public
In Japan, workers cannot be fired once they have been hired; therefore, in Japan a minimum wage law would not cause unemployment
True
In property rights protection, the trespass action is intended to certify title to land by enforcing the legitimate landowner's right to exclude
True
Suppose fish are a common property resource in Themeliville. However, fishermen in Pugot Sound are granted exclusive use to certain lakes and oceans in Themeliville. The economic theory of property rights predicts that the fish in Themeliville will be overfished more quickly than in Pugot Sound.
True
The Coase Theorem implies that, if transactions costs are low, the parties involved in a property rights dispute will have no incentive to argue their case in court, since an economically efficient result can be achieved by bargaining
True
The economic justification for intellectual property rights is that the system often creates incentives for investment in socially useful innovations
True
The tragedy of the commons refers to
overuse of shared common resources