The civil court system often relies upon
A. a judge and jury to resolve financial disputes among injured parties.
B. attorneys who volunteer to defend the indigent accused of crimes.
C. police enforcement of criminal statutes.
D. a sentence of jail time as punishment.
Answer: A
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Which of the following increases the demand for a good?
A) a rise in the price of a complement B) the expectation that future income will be higher C) an increase in income, assuming the good is an inferior good D) a decrease in the number of buyers E) a fall in the price of a substitute
What is the free-rider problem? What results from the free-rider problem? What is a solution to the free-rider problem?
What will be an ideal response?
At the time of Elise's 20 year high school reunion she was earning $50,000 and the CPI was 80. Now that it is time for her to attend her 25 year high school reunion, Elise's income has risen to $80,000 and the CPI is 150. At her 25 year reunion, can Elise rightfully brag that her real income has risen since the last time she saw her former classmates five years ago?
A) Yes, Elise's real income rose during that 5 year period. B) No, Elise's real income fell during that 5 year period. C) No, Elise's real income remained constant during that 5 year period. D) It is impossible to determine what happened to Elise's real income.
Which of the following countries would find it easiest to achieve rapid growth in per capita GDP?
A. United States B. United Kingdom C. France D. Mexico