Problem
A. Explain the importance of property rights institutions in affecting agricultural growth.
B. The Federal Carbon tax as applied in Canada gives households a rebate based upon their family size and income. Does this mean that they will not have any incentive to change their carbon greenhouse gas producing behavior? Very briefly explain your answer?
C. Would a 'Homo Economicus' ever work with others to develop a rational institution (a rule) that would govern everyone (including themselves) or not? Explain why or why not.
D. Assuming perfect markets (no externalities or other forms of market failures) and homo economicus actors, how does freedom of choice in a free market economy relate to the concept of utility at the individual level and at the societal level?