Question

(20 points total) Part One: Circlc the Ictter of the single best response (1 point each; 6 points total) 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 the above 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 ofu!come is unfair c) There is productive or allocative inefficiency d) All of the above 4. The courts in the U.S. are Organized in three tiers Overseen by judges that are elected every four years b) cy Amici curide d) None of the above 5. The common law is a) Judge made lav that may evolve over time b)No longer used in the US c) Whatever most people think is fair ove 6. Examples of common law countries includ a) France b) Germany c) Japan dy All of the above e) None of the above

Answer 1

Answer:

1- the following reasons do the textbook authors cite in rejecting the redistributive approach to law:

e) all of the above

   

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

d) None of the above

the goal for public policy is to improve the efficiency of the resources

3- A market failure occurs when:

c) There is productive or allocative inefficiency

the inefficient production or distribution of resources leads to failure of the market

4- the courts in the U.S. are

1. Organised in three tiers

The supreme court, circuit court and district court

5- The common law is :

a) Judge made law that may evolve over time

6- examples of common law countries include

e) none of the above

France, Germany and Japan have civil law system

U.S., U.K. and Iraq