The economic role of the legal system might best be described as
A. establishing the "rules of the game" and acting as a referee when disputes arise among market participants.
B. identifying and producing merit goods.
C. promoting the productive efficiency of competitive markets.
D. identifying and producing public goods.
Answer: A
You might also like to view...
How are the wage rate and employment determined in a competitive labor market?
What will be an ideal response?
What is the current average tariff on imported goods for the world?
a. equal to 2 percent b. equal to 5 percent c. less than 5 percent d. greater than 5 percent
Evidence suggests that, in markets with differentiated products but little advertising,
a. consumers are not confused by conflicting signals. b. firms are generally less profitable. c. markets are less efficient. d. consumers make better choices.
According to the law of one price
A) a company can only charge one price for a product, no matter which nation the product is sold in. B) interest rates across nations should be the same when adjusted for exchange rates. C) goods that are easily tradable across nations should sell for the same price expressed in a common currency. D) the price of gold should differ between nations.