21. Which legal system is based on a religious document and religious teachings?
Property
law
Theocratic law
Civil law
Common law
22. Which type of good has well-established property rights?
Public goods
Private goods
Club goods
Common goods
23. Which activity disregards basic property rights?
A person reads a newspaper on the backyard patio
Someone chooses to ride a bike to work rather than drive a car
Students play loud music in the open area between dorms
Executives discuss strategy in the company boardroom
24. what is one type of economy that uses the market system?
Political economy
Mixed economy
Universal economy
Dual economy
25. which kind of outcome was adam smith referring to when describing the invisible hand
Open outcomes
Planned outcomes
Mixed outcomes
Market outcomes
26. What does the value of the marginal product of labor for a perfectly competitive, profit-maximizing firm equal?
Loss
Rate
Cost
wage
