An economic function of criminal law is to
a. reduce opportunities for Pareto improvements
b. reduce the number of involuntary exchanges
c. define property rights
d. increase prices in the economy
e. protect involuntary exchanges in the economy
B
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If the long-run average total cost curve for a firm is horizontal in a relevant range of production, then it indicates that there
A. are diseconomies of scale. B. are economies of scale. C. isn't a minimum efficiency scale. D. are constant returns to scale.
If the money supply grows faster than the rate of growth in GDP
A) prices fall. B) interest rates fall. C) prices rise. D) none of these choices.
In which of the following industries is marginal cost pricing most likely?
A.) Laundry detergent. B.) Toothpaste. C.) Air travel. D.) Corn.
Which of the following individuals is least likely to use value at risk as an important factor in his/her investment decision?
A. An individual considering a mortgage to buy his first home. B. A policy maker considering regulation of depository institutions. C. A family considering purchasing health insurance. D. A mutual fund manager choosing the allocation of investments in the fund's portfolio.