An antidrug policy that reduces the supply of heroin might:
A. increase street crime because the addict's demand for heroin is highly inelastic.
B. reduce street crime because the addict's demand for heroin is highly elastic.
C. reduce street crime because the addict's demand for heroin is highly inelastic.
D. increase street crime because the addict's demand for heroin is highly elastic.
Answer: A
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_________________ —a term describing a good in which the quantity demanded falls as income rises and in which quantity demanded rises and income falls.
a. Complement good b. Inferior good c. Normal good d. Superior good
Points outside the production possibilities curve represent combinations of products that are:
A. attainable only if the economy's resources are fully employed. B. attainable only if the economy's resources are not fully employed. C. attainable if the economy's resources are either fully employed or not fully employed. D. unattainable.
If an individual perfectly competitive firm charges a price ________ the industry equilibrium price while competitors charge the equilibrium price, the firm will sell all that it produces but forgo revenue that it could have had.
A. equal to B. below C. above D. More information is needed to answer the question.
Labor productivity growth depends on
i. saving and investment. ii. increases in human capital. iii. technological growth. A) Both ii and iii B) ii only C) i, ii, and iii D) iii only E) i only