1. Should efficiency be the only value that matters to making law and applying it?

2. What other policy values should matter to making law and applying it?

4. A non-voluntary transaction never increases utility. True or False.

5. With the legalization of marijuana on October 17, 2018, should the smoking of marijuana be regulated the same way as cigarettes?

How could the government apply cost benefit analysis? What are the issues?

6. What are the two (2) main approaches economists use to define efficiency and how might each approach be applied to a law and economics problem. Give one example of each.

10. After enacting rent control in 1976, Ontario permitted apartments built after 1976 to be exempt from rent control.

Using diagrams contrasting the rent-controlled market with the free market of identical apartments, what happens?