A jury award that wildly overstates non-monetary losses can harm the economy primarily because it
A. still fails to adequately compensate the injured party for all damages.
B. takes from the rich and gives to the poor.
C. causes overly-cautious buyers and sellers to avoid mutually-beneficial transactions.
D. enriches greedy plaintiff's lawyers.
Answer: C
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Making use of an economic model is a process of
A) solving hundreds of simultaneous equations. B) running experiments to determine how changes in the endogenous variables will change the exogenous variables. C) running experiments to determine how changes in the exogenous variables will change the endogenous variables. D) resolving inconsistencies in the actions of economic agents.
When the price of tablet devices decreased in the 2010s, there was an increase in the demand for computing apps because tablet devices and computing apps are
A) substitute goods. B) capital goods. C) inferior goods. D) complementary goods.
________ states that when an established domestic industry is in jeopardy of being displaced by lower-priced imports, then there could be a rationale for temporary import restrictions
a. The infant industry argument b. The antidumping argument c. The jobs and income argument d. The declining industry argument
When the absolute price elasticity of demand is less than 1, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.