What is the great advantage of adjudication over legislation in the management of negative externalities?
A) Adjudication has lower costs.
B) Adjudication maintains the continuity of expectations.
C) Courts are bound by the rule of law and legislatures are not.
D) Courts can act more quickly than legislatures.
E) There are no clear answers in such cases.
B
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The General Agreement on ___________ and Trade (GATT) was established to provide a forum in which nations could come together to negotiate reductions in tariffs and other barriers to trade.
a. Travel b. Taxes c. Tariffs d. Transfers
If tariffs are effective, they tend to:
a. Increase consumption. b. Decrease government spending. c. Increase net exports. d. Have their major effect on a nation's automatic stabilizers. e. Decrease net exports.
Increase in money supply leads to a …………………in the interest rate for a given level of output, real money supply ………………
A. Increases, decrease B. Decrease, increase C. Increase, increase D. Decrease, decrease
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline