Suppose $1 Billion Is Available in the Budget and Congress

question 227

Multiple Choice

Suppose $1 billion is available in the budget and Congress is considering allocating the funds to one of the following three alternatives:
A.subsidies for education
B.research on Alzheimer's
C.increased border security
If voters prefer a to b and b to c, then if preferences are transitive

• A)they should prefer a to c.
• B)they should prefer c to a.
• C)they should be indifferent between a and c.
• D)it is not always possible to rank voters' preferences between a and c.

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Definitions:

Contingency Fee

A payment structure where a lawyer only gets paid if the case is won, typically a percentage of the settlement or award.

Cloud-based Computing

A technology that allows individuals and companies to access software, storage, and other computing services over the Internet, rather than through local servers or personal devices.

Forms File

A reference file containing copies of the firm’s most commonly used legal documents and informational forms. The documents in the forms file serve as models for drafting new documents.

Moral Hazard

A situation in which one party engages in risky behavior knowing that it is protected against the risk by another party.