1. Saying something is ethical is the same as saying something is legal. True Fa

ID: 2440208 • Letter: 1

Question

1. Saying something is ethical is the same as saying something is legal.

True

False

2. Which of the following is a reason we should be concerned with ethics, moral laws, or values in Law and Economics?

We need to care about moral law because it's the sole basis for individual decision making when confronted with legal decisions.

Actually, we don't need to care about any of that in Law and Economics because this course is nothing but math.

We need to care about ethics because if a law we're discussing is unethical we need to disregard it.

We need to know the value of things because we're concerned with measuring marginal cost, marginal benefit, and social cost.

3. If someone is discussing legal issues related to changes in culture or society they're most likely talking about either Tort Law or Contract Law.

True

False

Which of the following is not something studied in the field of Constitutional Economics?

How court costs impact the number of lawsuits filed

Macroeconomic effects of the government / political structure

Political structure / rules of the political system

d. Economic effects of constitutional doctrines

A good with price elasticity less than 1 is said to have inelastic demand.

True

False

We need to care about moral law because it's the sole basis for individual decision making when confronted with legal decisions.

Actually, we don't need to care about any of that in Law and Economics because this course is nothing but math.

We need to care about ethics because if a law we're discussing is unethical we need to disregard it.

We need to know the value of things because we're concerned with measuring marginal cost, marginal benefit, and social cost.

ans 1 false

ans2 option d is correct

ans 3 false

ans 4 option a is correct

ans 5 true

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