JURI 620 Quiz 1

  1. Compare and contrast the Pareto concept of efficiency with the Kaldor-Hicks concept of
  2. Define behavioral law and economics. Why does Judge Posner, in his book Economic Analysis of Law, suggest that enthusiasm for behavioral law and economics should be tempered?
  3. State the Coase Theorem and Judge Posner’s application of it to the issue of property
  4. Jane loves roast suckling pig. One evening, she is at a restaurant that is famous for its delicious roast suckling pig. Jane orders roast suckling pig, and the waiter informs Jane that there are several live suckling pigs in a little pen behind the restaurant, and he would like her to pick the one she’d like killed and roasted for her. He assures her that the killing and roasting will only take 20 minutes, so she should not be concerned about Although Jane has eaten roast suckling pig on many prior occasions, the thought of those cute little pigs alive in a pen out behind the restaurant makes it impossible for her to eat roast suckling pig tonight. Therefore, Jane declines the waiter’s invitation and orders the swordfish instead. Is Jane being rational? Explain your answer.
  5. Discuss the basic aim of contract law from a law and economics Critique this from the perspective of a Christian worldview.
  6. Compare and contrast the positive and normative aspects of the economic analysis of With which is the economist more comfortable?
  7. The Ford Motor Company decides to shut down a plant in South Bend, Indiana and open a similar plant in Birmingham, Alabama. One effect of the move will be to reduce land values in South Bend and increase them in Birmingham. From the standpoint of efficiency, should Ford be required to compensate the adversely affected landowners?
  8. Judge Posner, in his book Economic Analysis of Law, asserts that a lie is different than a failure to disclose and therefore the law should treat them differently. Explain his
  9. List the 4 fundamental principles of economics that organize the analysis of law in Posner’s book Economic Analysis of Law and provide a brief explanation of
  10. How are the terms “value” and “utility” used in economics and how do these 2 terms relate to efficiency?