A positive theory of common law, in which the positions of the courts are predicted based on the assumption that they are attempting to promote efficiency, is proposed by
a. Pigou.
b. Coase.
c. Posner.
d. Epstein.
c. Posner.
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According to this Application, the Fed responded to the financial crisis by continuing to develop new programs. One example of this was its announcement that it would now purchase commercial paper, which is the short-term debt of corporations
This is an example of the Fed acting as a A) unit of account. B) store of value. C) medium of exchange. D) lender of last resort.
If real GDP per person is above the subsistence level then, according to classical growth theory,
A) the population will increase. B) the standard of living will continue to improve. C) the population will decrease. D) labor productivity will increase. E) more technological advances occur.
A shift in a curve represents a change in:
a. the variable on the horizontal axis. b. the variable on the vertical axis. c. a third variable that is not on either axis. d. any variable that is relevant to the relationship being graphed.
In perfect competition, changes in an individual firm's output will change the overall market price
a. True b. False Indicate whether the statement is true or false