Answer the following statement(s) true (T) or false (F)
1. A negligence standard, with the allowance of contributory negligence, always leads to a socially optimal outcome.
2. Strict liability is the liability that exists when it can be proven beyond a reasonable doubt that the defendant was negligent.
3. Negligence is irrelevant when a strict liability standard is applied.
4. The principle of general average gives a ship's captain an incentive to consider the value of cargo when jettisoning it to prevent a disaster.
5. The doctrine of Respondent Superior contends that an employer is sheltered from torts committed against his employees.
1. False
2. False
3. True
4. True
5. False
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A bank has $400 in checkable deposits, $800 in savings deposits, $700 in time deposits, $900 in loans to businesses, $300 in outstanding credit card balances, $500 in government securities, $10 in currency in its vault, and $20 in deposits at the Fed
. The bank's deposits that are part of M1 are equal to A) $1,210. B) $1,900. C) $400. D) $410. E) $530.
Are all categories of government expenditures included in gross domestic product? What government activities are not included in GDP?
What will be an ideal response?
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
If a firm makes zero economic profit, then the firm
A) has no incentive to stay in the industry. B) is better off exiting the industry. C) is indifferent between staying and exiting the industry. D) will shut down.