LEGL 2700 TEST 3 Exam Actual Real Set Questions With Revised Correct Answers | Passed!!

LEGL 2700 TEST 3 Exam Actual Real Set Questions With Revised Correct Answers | Passed!! What is the Role of Scarcity in our economy? - Answer --the demand/need for resources is higher than their supply What is the role of property within a state controlled/communist government? - Answer - -almost all resources are controlled and allocated by the government -each citizen is required to produce according to their ability level and share according to the needs of others -shown to be less productive than property-based markets because there is low incentive to produce What is the role of property within a property-based/capitalist government? - Answer -- also known as free/private markets -laws are put in place to protect the acquisition, possession, use, and transfer of scarce resources -citizens have the power to control resource distribution through voluntary exchange How does private property create the necessary conditions for capital formation? - Answer --people are able to convert their rights in one resource to rights in another resource to gain additional capital -lenders are willing to loan money at affordable rates because their investment is protected by the law -ex. using your house as collateral to take out a loan and start a new business What is real property? - Answer --Land and interests in land, buildings -it also includes the surface, air, subsurface of, and fixtures to the land What is personal property? - Answer --any movable resource -this includes tangible and intangible resources What rights are included with real property? - Answer --right to use and exclude What rights are included with personal tangible property? - Answer --right to use and exclude What rights are included with personal intangible property? - Answer --may only include right to exclude What is the method for selling (alienation) real property? - Answer --deed for ownership transfer What is the method for selling (alienation) personal tangible property? - Answer -- contract or gift for intentional ownership transfer What is the method for selling (alienation) personal intangible property? - Answer -- contract for ownership transfer How does one acquire property through exchange? - Answer --people exchange resources in a property system under contract rules -most common method of property acquisition How does one acquire property through the unowned rule/rule of first possession? - Answer --the first person to claim an unowned or abandoned property becomes the owner -this rule also applies to abandoned property (if the property looks intentionally abandoned, it is legally treated as such) What happens to ownership if property is lost? - Answer --the person who found the property claims ownership after a statutory period, during which the original owner can reclaim it