With regard to the rule of caveat emptor in colonial America, which of the following does not apply?
(a) "Let the buyer beware."
(b) This rule largely replaced the earlier rule of markets, market overt, by late colonial times.
(c) It could be applied anywhere without the protective regulations of colonial officials.
(d) It was meant to cover fraud, and aggrieved buyers could always sue sellers in civil courts for damages.
(d)
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Which of the following is most likely to be a serious obstacle retarding the growth of less-developed nations?
a. a lack of knowledge about modern technology b. a lack of natural resources c. slow population growth d. low capital formation as the result of a weak legal system
When supply falls and demand remains the same, equilibrium price _____ and equilibrium quantity ________.
A. rises; rises B. falls; falls C. falls; rises D. rises; falls
If a firm hires 10 workers at $6 per hour each and the 11th worker will be hired only if the wage rate falls to $5 per hour, the marginal wage rate must be
A. -$5. B. $5.50. C. -$5.50. D. $5.
When external or spillover benefits occur in the production of a particular product, the private market tends to provide:
A. too much of the product. B. the socially optimal amount of the product. C. too little of the product. D. none of the product.