Perfectly competitive markets are pareto efficient

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Reference no: EM132282645

1. Which of the following reasons do the textbook authors cite in rejecting the redistributive approach to law:

a) Imprecise targeting

b) Unpredictable consequences

c) High transaction costs

d) Distortions in incentives

e) All of theabove

2. The economic approach to law emphasizes what goal for public policy:

a) Utilitarianism

b) Pareto efficiency

c) Wealth maximization

d) None of the above

3. A market failure occurs when:

a) Prices are high

b) The distribution of income is unfair

c) There is productive or allocative inefficiency

d) All of the above

4. The courts in the U.S. are

a) Organized in three tiers

b) Overseen by judges that are elected every four years

c) Amici curiae

d) None of the above

5. The common law is

a) Judge made law that may evolve over time

b) No longer used in the U.S.

c) Whatever most people think is fair

d) None of the above

6. Examples of common law countries include:

a) France

b) Germany

c) Japan

d) All of theabove

e) None of the above

Mark each statement either “TRUE” or “FALSE”

1. Precedent refers to the practice of resolving similar cases in a similar fashion.

2. Common law systems employ an adversarial process in which the judge acts as a neutral referee who makes the lawyers for each side follow the rules of procedure and evidence.

3. Juries are more frequently employed in common law countries like the U.S. than in civil law countries like France.

4. In a legal dispute, the person who is alleged to have injured the victim is called the “plaintiff.”

5. Perfectly competitive markets are Pareto Efficient.

6. All Kaldor-Hicks improvements are also wealth improvements.

7. All wealth improvements are also Pareto improvements.

8. All wealth improvements are also Kaldor-Hicks improvements.

9. All Kaldor-Hicks improvements are also Pareto improvements.

10. All Pareto improvements are also wealth improvements.

11. If the risk free real rate of return is 10% per year, then the present value of $100 paid next year is $90.

12. If Bernie’s annual discount rate is 0.9, then he values $100 paid next year at $90.

Reference no: EM132282645

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