Under a strict liability standard, the person who causes an accident is liable
a. whether or not he has been negligent.
b. if he could have prevented the accident at a cost less than the damages caused.
c. if he could have prevented the accident at a cost less than the damages caused times the probability of the accident's occurrence.
d. unless the plaintiff could have prevented the accident at a cost less than the damages incurred times the probability of the accident's occurrence.
a. whether or not he has been negligent.
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The principal lender-savers are
A) governments. B) businesses. C) households. D) foreigners.
After hiring a new employee, a manager finds that the total output has increased. When the manager hires another employee however, he realizes that although the total production has increased, the increment is less than the previous case. This is the result of:
a. diseconomies of scale. b. a general economic downturn. c. diminishing marginal returns. d. the lack of skills of the two new employees. e. constant returns to scale.
Suppose the money multiplier in the United States is 3. Suppose further that if the Fed increases the discount rate by 1 percentage point, banks initially change their reserves by 400. To reduce the money supply by 4,200 the Fed should:
A. raise the discount rate by 10.5 percentage points. B. raise the discount rate by 3.5 percentage points. C. reduce the discount rate by 3.5 percentage points. D. reduce the discount rate by 10.5 percentage points.
If the liberum veto is used in a policy-making setting, it means:
A. it is easy to halt policies, because only one person needs to be bribed to stop them. B. that government is an easy target for an area to become corrupt or taken advantage of. C. complete consensus is needed for legislation to pass. D. All of these are true.