Because Economists Have Different Values,like Everyone Else,they

question 92

Multiple Choice

Because economists have different values,like everyone else,they

• A) tend to be self centered,so positive economics is impossible
• B) ignore politics
• C) use abstraction to be realistic
• D) may disagree,even though economic theory is based on positive statements
• E) try to be right all the time

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Definitions:

Strict Liability

A legal doctrine that holds someone responsible for damages or harm without having to prove negligence or fault.

Injured Bystanders

Individuals who suffer harm or injury as a result of the actions or negligence of others, and who were not directly involved in the situation or activity causing the harm.

Warranty Of Merchantability

An implied assurance that a product sold by a merchant meets certain quality and usability standards.

Horizontal Privity

refers to a legal relationship in property law, especially regarding real covenants or easements, where the parties deriving benefits and obligations from a covenant have a mutual or successive relationship to the same piece of land.