Question: What term below refers to behavior induced when people do not bear full consequences for their actions? a) Moral hazard b) Transaction costs c) Asymmetric

What term below refers to behavior induced when people do not bear full consequences for their actions?

a) Moral hazard b) Transaction costs c) Asymmetric information d) Free entry and exit into the market

ANSWER:

Rent control of the housing market is an example of what type of regulatory use?

a) Cross-subsidization b) Redistribution of wealth c) Grassroots domination d) Voting rights

ANSWER:

The cornerstone of the free market system is what?

a) The government b) Business c) Markets d) Competition

ANSWER:

What is another name for common law?

a) Judge-made b) Jury-made c) Public-made d) Citizen-made

ANSWER:

In the United States, the common law prevails in all but which of the following?

a) Property b) Contract c) Criminal d) Torts

ANSWER:

________ is a set of rights to control a tangible or intangible thing.

a) Property b) Common law c) Civil law d) Contract

ANSWER

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