1.) Discuss the similarities and differences between rights such as the rights to free speech and rights such as the right to own a home or business. How would the right to an education or the right to be free from hunger fit into you categorization of rights?

2.) During the 1800’s in the American West, cattle were being consumed in large quantities than Buffalo, yet buffalo were hunted nearly to extinction while the population of cattle grew. Explain how these facts reconciled.

3.) What is Coase Theorem? Under what conditions does the Coase theorem apply?

4.) Give some example of transactions cost in private markets. How do they inhibit the efficient use of resources? Can you suggest any ways in which these transactions costs might be lowered?

5.) Why are transactions costs important in assesing the appropiate public? policy for dealing with a poorly defined property right? Exactly what is meant by transactions costs in this context? What factors will affect the level of transaction costs?

6.) Describe the common pool problem. Give some examples and suggest how solutions might be worked out to allocate resources more efficiently.


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