Which of the following legal subjects is most concerned with the economic function of the legal system?
A) criminal law
B) public goods
C) antitrust legislation
D) civil rights
C
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The concept of limited liability
A) does not apply to a corporation. B) means that the owners of a corporation have liability limited to the value of the shares in the firm. C) means that owners of a firm are subject to double taxation. D) limits the amount of specialization that can occur in a firm.
If the central bank increases the money supply, then in the short run prices
a. rise and unemployment falls. b. fall and unemployment rises. c. and unemployment rise. d. and unemployment fall.
The Economy Tomorrow article titled "Rebuilding America" states that
A. The nation currently spends less than 2 billion hours in traffic delays and it should decline over the next decade. B. The transportation system is keeping up with a growing economy. C. The transportation system is not keeping up with a growing economy. D. None of the choices are correct.
Which of the following is an example of a surplus item on the balance of payments?
A) private gifts to foreign residents B) public gifts to foreign residents C) interest receipts from foreign residents D) purchases of gold from foreign residents