Court decisions aiming to resolve disputes by determining who in fact possesses contested legal rights
A) prevent any change from occurring.
B) prevent undesirable changes from occurring.
C) promote cooperation by clarifying and stabilizing expectations.
D) substitute legal criteria for economic criteria and thereby create windfall profits and losses.
E) substitute public-welfare criteria for private-interest criteria.
C
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In order to determine a household's budget line, you must know the
A) prices of the goods bought and the household's income. B) prices of the goods bought, but not the household's income. C) household's income, but not the prices of goods bought. D) household's income, prices of the goods bought, and the household's preferences.
When the exchange rate is allowed to shift gradually over time, or within an exchange rate band which may also shift over time, this is considered a(n):
A) fixed exchange rate. B) managed float. C) flexible exchange rate. D) none of the above.
Other things remaining the same, if a large part of the population decided against having soda for health reasons, there would be a(n):
a. increase in the quantity of soda supplied. b. increase in the quantity supplied of complements like fries and burgers. c. decrease in the price of soda. d. rightward shift of the demand curve for soda. e. decrease in the quantity demanded of substitutes like mineral water.
The Friedman-Phelps analysis shows that a negative relationship between inflation and unemployment holds
A. even when the natural rate of unemployment changes. B. even when expected inflation changes. C. as long as the expected inflation rate and the natural rate of unemployment are approximately constant. D. even if both the expected inflation rate and the natural rate of unemployment change.