The Front Window of Polly's Flower Shop Was Recently Broken

question 46

Multiple Choice

The front window of Polly's Flower Shop was recently broken when someone threw a rock through it.Which of the following statements is TRUE?

• A)If the person who threw the rock is 13 years old, there will not be a lawsuit because children under the age of majority cannot be sued.
• B)If the person who threw the rock is insane, Polly's Flowers will not be able to sue unless it receives permission from the Public Trustee.
• C)If the person who threw the rock is a European who is visiting Canada for less than a year, the case will have to be heard in the International Court of Justice.
• D)Because a lawsuit can be brought only by a human, the plaintiff named in the statement of claim cannot be the corporation that owns Polly's Flower Shop.
• E)The person who threw the rock may be sued even if that person worked for the government and threw the rock while that person was on duty as a government employee.

Distinguish between partial equilibrium analysis and general equilibrium analysis.

Comprehend the implications of the First and Second Welfare Theorems in the context of welfare economics.

Understand the impact of homothetic and Cobb-Douglas preferences on consumption allocations.

Recognize how different utility functions affect economic outcomes in a pure exchange economy.

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Definitions:

Defined Benefit Plan

A type of pension plan where an employer guarantees a specific retirement benefit amount to employees based on salary history and years of service.

401(k) Plan

A retirement savings plan sponsored by an employer which allows employees to save and invest a portion of their paycheck before taxes are taken out.

Downside Risks

Potential negative outcomes or losses that may occur as a result of an investment or decision.

401(k)s

Tax-advantaged, employer-sponsored retirement saving plans that allow employees to save a portion of their paycheck before taxes are taken out.