Optimal constitutional rules should _____
a. be decided by a supermajority of the current legislature
b. be decided by a majority of people in a society
c. be agreed upon by a consensus of the writers of the constitution
d. have the support of a consensus of people in a society
d
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An example of moral hazard is
a. people drive as carefully in icy conditions with antilock brakes as without b. people drive less safely with more airbags as without c. football players avoid 'spearing' with their heads even with safer helmets d. people read the medicine warnings as carefully when self-medicating versus with a doctor's prescription
Index mutual funds purchase shares of stock in those companies which are included in the market based indexes
a. True b. False Indicate whether the statement is true or false
Refer to the graph shown. If a firm operating as if it were faced with a kinked demand curve believes that if it raises price from P2 to P1, its rival will not go along, then:
A. it probably will raise price, since lower output means lower costs and greater profit. B. D2 is the relevant demand curve. C. the demand curve used by the firm for decision making is highly inelastic. D. it probably won't raise price, since doing so would cause sales to drop from Q3 to Q1.
The merger of two firms selling close substitutes may lead to higher prices.
Answer the following statement true (T) or false (F)