Adjudication, as discussed in the text, is a process for settling disagreements by supporting and enforcing which rights?
A) Rights based on an original act of mixing human labor with previously unowned resources
B) The most ancient rights, whether or not they have been enforced
C) The most widely and confidently accepted rights
D) The rights of the majority
C
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Suppose an individual has $100 to invest. Two assets are available. One asset will yield a return of 10%, while the other risky asset will yield 0% with probability .5 and 21% with probability .5
Suppose the investor's utility function is given by U(x) = ln(x) where x is the wealth after investing (assume she is investing for just one period). How much will she invest in the risky asset?
The quantity of newspapers sold will decline if: a. newsprint becomes more expensive
b. the printers' union makes wage concessions. c. newspaper prices are reduced. d. magazine prices rise.
Why do monopolies lack productive efficiency?
a. Because barriers to entry eliminate competition b. Because they produce at the bottom of the average cost curve c. Because investments in innovation are costly d. Because they are unable to achieve economies of scale
Per capita GDP measures both market and nonmarket production
Indicate whether the statement is true or false