Strict Liability Is Liability Without Proof of Negligence and Without

question 18

True/False

Strict liability is liability without proof of negligence and without privity.

Understand how government policies, such as excise taxes, can influence market outcomes and efficiency.

Explore the effect of removing excise taxes on market surplus and government revenue.

Understand the effect of taxes on the burden shared between employers and employees.

Analyze how the elasticity of demand and supply influences the outcomes of tax policies.

---

Definitions:

Area

A measure of the extent of a surface or shape, calculated in square units.

z

A standard score that indicates how many standard deviations an element is from the mean of its distribution.

Standard Normal Random Variable

A random variable with a mean of 0 and a standard deviation of 1, following a normal distribution.

Area

The measure of the extent of a two-dimensional figure or shape in a plane.