Answer the following statement(s) true (T) or false (F)
1. A negligence standard, with the allowance of contributory negligence, always leads to a socially optimal outcome.
2. Strict liability is the liability that exists when it can be proven beyond a reasonable doubt that the defendant was negligent.
3. Negligence is irrelevant when a strict liability standard is applied.
4. The principle of general average gives a ship's captain an incentive to consider the value of cargo when jettisoning it to prevent a disaster.
5. The doctrine of Respondent Superior contends that an employer is sheltered from torts committed against his employees.
1. False
2. False
3. True
4. True
5. False
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U.S. government policy to stimulate research and development activities would be most likely to succeed if it involved
A. interest rate policy. B. corporate tax policy. C. personal income tax policy. D. payroll tax policy.
The loss to society resulting from a tax includes the
A) deadweight loss. B) consumer surplus paid to the government in the form of tax revenue. C) producer surplus paid to the government in the form of tax revenue. D) deadweight loss plus the consumer surplus and producer surplus paid to the government as tax revenue. E) deadweight loss minus the tax revenue collected by the government.
Demand-pull inflation may be caused by:
a) An increase in costs b) A reduction in interest rates c) A reduction in government spending d) An outward shift in aggregate supply
If individuals can credibly cooperate and split the gains, which payoff is the most likely? A: Not CheatA: CheatB: Not CheatA: 1, B: 50A: 1, B: 1B: CheatA: 2, B: 1A: 5, B: 5
A. 2, 1 B. 5, 5 C. 1, 11 D. 1, 1