As with Many Public Goods, Determining the Appropriate Level of Government

question 95

Multiple Choice

As with many public goods, determining the appropriate level of government support for the production of general knowledge is difficult because:

• A)members of parliament are often experts in the sciences
• B)patents correct an unknown portion of the externality
• C)benefits are hard to measure
• D)all of the above are true

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Definitions:

Strict Liability

denotes a legal principle where a party can be held responsible for damages or loss without the plaintiff having to prove negligence or fault.

Punitive Damages

Financial compensation awarded to a plaintiff to punish the defendant for particularly harmful behavior and deter future similar actions.

Inherently Dangerous

Refers to activities or substances that, by their nature, pose a significant risk of harm.

Superseding Cause

A superseding cause is an unforeseeable event that interrupts the chain of causation, relieving a defendant from liability for harm caused after the event.