Punitive damages are meant to
a. codified law
b. criminal law
c. common law
d. case law
e. all of the above
D
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An increase in the minimum wage to $15 per hour would lead to
A) an increase in search activity for many workers. B) a decrease in search activity for many workers. C) a decrease in unemployment. D) no change in unemployment. E) no change in employment.
The justification for the patent system is that it
a. protects desirable monopolies b. encourages innovation c. discourages the development of substitute goods d. guarantees high profit for the monopolies so that they can use the profit as a source for research and development e. discourages competition
Suppose that in an economy with lump-sum taxes and no international trade, autonomous investment spending increases by $2 million. If the marginal propensity to consume is 0.75, equilibrium gross domestic product will change by a maximum of
A) $0.5 million B) $1.5 million C) $2.0 million D) $8.0 million E) $15.0 million
Which of the following is NOT part of M1 but is included in M2?
A. cash B. currency C. traveler's checks D. small-denomination certificates of deposits