Multiple Choice
Which of the following is a public solution that governments can use to address externalities and protect economic interests?
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7. Externalities
Public Solutions to Externalities
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The transfer of land through eminent domain or condemnation is known as what?
A
Expropriation
B
Zoning
C
Subsidization
D
Privatization
Verified step by step guidance1
Understand the key terms related to the transfer or control of land in microeconomics and property law contexts.
Recognize that 'eminent domain' or 'condemnation' refers to the government's power to take private property for public use, usually with compensation.
Identify that the process of transferring land ownership from private individuals to the government under this power is called 'Expropriation'.
Differentiate 'Expropriation' from other terms: 'Zoning' refers to land-use regulations, 'Subsidization' involves financial support, and 'Privatization' means transferring public assets to private ownership.
Conclude that the correct term for the transfer of land through eminent domain or condemnation is 'Expropriation'.
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