What are liability rules?
What will be an ideal response?
Liability rules are laws that require A to compensate B for damages imposed.
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If a student enrolls in an additional course at the university, an economist would conclude that: a. the total benefit that the student expects to receive as a result of completing her college degree exceeds the total cost of her college education. b. the student is not following the rule of rational choice
c. the student must not be involved in extracurricular campus activities. d. the expected marginal benefit of an additional course must exceed the expected marginal cost of the course.
When building a model, an economist must:
A. adjust for exceptional situations. B. provide a complete description of reality. C. make simplifying assumptions. D. develop a set of behavioral equations.
The definition of the adult population is those who are 16 years and older and who are
A. employed or unemployed. B. in the labor force or not in the labor force. C. in the labor force. D. not in the labor force.
Refer to the information provided in Figure 23.4 below to answer the question(s) that follow.
Figure 23.4Refer to Figure 23.4. Suppose the consumption function for C1 is [C1 = 20 + 0.75Y]. The consumption function that best fits C2 is
A. C2 = 10 + 0.4Y. B. C2 = 20 + 0.25Y. C. C2 = 40 + 0.75Y. D. C2 = 10 + 0.5Y.