Quarterly Exam

Rational behavior means taking the ________________ steps to achieve a goal.

• most popular

• most moral

• most efficient

• most difficult

When individuals have goals to satisfy ourselves, it means our behavior is _________________.

• primarily self-interested

• selfish

• only self-interested

• justified

Individualism in economics means ________.

• we are self-reliant

• we are lone wolves

• we share characteristics of groups

• we think, reason, and act for ourselves

Who created the Labor Theory of Property?

• Mises

• Menger

• Locke

• Marx

The Labor Theory of Property states that we need to mix our labor with __________ to get new private property.

• wood

• natural stuff

• unclaimed stuff

• other people

In theory, private property owners have the right to __________ based on any reason.

• exclude

• preclude

• intrude

• include

One exception to the "right to exclude" in the U.S.A. occurs when private property is ____________.

• closed to the public

• open to the public

• members only

• actually public property

In the U.S., private property owners of stores and restaurants can't exclude based on _________.

• race and religion

• violent behavior

• public safety

• health precautions

Who owns Tropical Park?

• State of Florida

• Miami-Dade County

• The people!

• No one.

Can any public property be closed to the public?

• Yes, all public property forbids foreigners.

• Yes, depending on the purpose of the property.

• No, all public property is open to us.

• No, only private property can exclude.