In the legal sector, some practice areas have declined in recent years
For example, personal-injury and medical-malpractice cases have been undercut by state laws limiting class-action suits, out-of-state plaintiffs, and payouts on damages, and securities class-action litigation has declined in part because of a buoyant stock market. How does this affect the market for lawyers?
A) The quantity of lawyers demanded decreases and this is represented by a movement along the demand curve.
B) The supply of lawyers shifts to the left.
C) The demand for lawyers shifts to the left.
D) Both the demand and supply curves decrease.
C
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What is the main rationale economists provide for assigning government the responsibility of protecting people against foreign aggressors?
A) It would be too dangerous to allow citizens to keep and bear arms for the purpose of forming militias to defend their communities. B) Most people are patriotic only when the government is involved. C) "National defense" must by necessity be nationalized. D) People will not risk their lives unless government requires them to do so. E) Private providers could not exclude non-payers from the benefits.
Assume a closed economy, that taxes are fixed, and the marginal propensity to consume is equal to 0.8. What is the government spending multiplier?
A) 10 B) 5 C) 4 D) 3