Which of the following legal subjects is most concerned with the economic function of the legal system?
A. criminal law
B. civil rights
C. public goods
D. antitrust legislation
Answer: D
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According to Adam Smith's invisible hand
A) markets need the government to intervene. B) forces are constantly pushing markets out of equilibrium C) people coordinate their activities, resulting in equilibrium in the market. D) there is an invisible glove that restricts what markets can do.
During the Great Depression the price level increased
a. True b. False
According to the equimarginal principle, if the marginal cost of an activity outweighs the marginal benefit, then
a. the activity should not be pursued at all. b. less of the activity should be undertaken. c. the net total benefit received from the activity is negative. d. people should expand their pursuit of the activity.
Many economists believe that
a. the corporate income tax satisfies the goal of horizontal equity. b. the corporate income tax does not distort the incentives of customers. c. the corporate income tax is more efficient than the personal income tax. d. workers and customers bear much of the burden of the corporate income tax.