If we compare common and civil law, we find that:
a. Common law places more emphasis on private property rights
b. Common law is less rigid
c. Common law can adapt to new circumstances better
d. a, b, and c are correct
e. None of the above
D
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If the price is greater than the marginal cost of producing a good, the seller has
A) no benefit from the sale. B) a loss. C) some producer surplus from the sale. D) some negative consumer surplus from the sale. E) None of the above answers is correct.
On any given day we know a salesman can earn $0 with a 30% probability, $100 with a 20% probability or $300 with 40% probability. His expected earnings equal
A) $0. B) $140. C) $300. D) It cannot be determined from the available information.
Asymmetric information can lead to the ________-informed parties to try to take advantage of the ________-informed parties, which can cause ________.
A) better; less; moral hazard, but not adverse selection B) better; less; moral hazard and adverse selection C) less; better; adverse selection, but not moral hazard D) less; better; moral hazard, but not adverse selecti
Criteria used to judge a central bank's independence include each of the following, except:
A. budgetary independence. B. cabinet or ministry level of authority. C. long terms for members. D. irreversible decisions.