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C H A P T E R In this chapter, 1 In this chapter, look for the answers to these questions: look for the answers to these questions: Ten (Seven Micro-) Principles of Ten (Seven Micro-) Principles of What kinds of questions does economics address? Economics Economics What are the principles of how people make P R I N C I P L E S O F P R I N C I P L E S O F decisions? Microeonomics What are the principles of how people interact? N. Gregory Mankiw N. Gregory Mankiw What are the principles of ...
SAMPLE QUESTIONS ECONOMICS The following questions are a random sample of past exam questions to indicate the types of questions you can expect. This is not aimed to be a sample test as certain topics are not covered in the questions below. The answers to these questions can be found at the end of this test. 1. If an economist analyzes the effect of a price change on the demand for Pepsi, he assumes that all other things (such as the price of Coca Cola) are equal. Why is it useful to do so? A. It allows him to review ...
Practice Questions Introduction to Law & Economics Answers in Red Multiple Choice 1. The optimal number of murders is zero. (a) Yes; (b) No, because of enforcement costs; (c) No, because murder could be justifiable; (d) None of the above. 2. The court makes serious errors in measuring the injurer’s care level. Hence, (a) A rule of strict liability is preferred; (b) A rule of negligence is preferred; (c) A rule of no liability is preferred; (d) A rule of contribution is preferred. 3. The victim’s care determines the accident risk. Hence, (a) A rule of strict ...
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