In the legal sector, some practice areas have declined in recent years
For example, personal-injury and medical-malpractice cases have been undercut by state laws limiting class-action suits, out-of-state plaintiffs, and payouts on damages, and securities class-action litigation has declined in part because of a buoyant stock market. How does this affect the market for lawyers?
A) The quantity of lawyers demanded decreases and this is represented by a movement along the demand curve.
B) The supply of lawyers shifts to the left.
C) The demand for lawyers shifts to the left.
D) Both the demand and supply curves decrease.
C
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Which of the following is TRUE?
A) When resources are allocated on the basis of personal characteristics, all people who are willing and able to pay the price get the resource. B) When the range of activities to be monitored is large and complex, a command system allocates resources better than a market price. C) When a market price allocates resources, some people who are willing and able to pay that price don't get the resource. D) Force helps support the legal system on which markets function.
Refer to Figure 4-10. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing consumer surplus after the imposition of the price floor?
A) A + B + D B) B + C + D + E C) A D) C + E
After 1616, Virginia shifted more and more scarce resources out of food production and into tobacco production. Hence, the economic cost of tobacco production included the sacrifice of food production
Indicate whether the statement is true or false
Which group is responsible for the policy decision of changing the money supply?
Office of Management and Budget Federal Open Market Committee Federal Advisory Council Thrift Advisory Council