After the ban on the production and sale of alcohol ended in 1933,
a. the quality of alcohol sold declined.
b. the murder rate declined.
c. the profit rate for bootleg sellers of alcohol increased.
d. all of the above occurred.
B
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Explain the economic assumption that "people are rational."
What will be an ideal response?
If the reserve ratio is 5 percent, then $500 of additional reserves can create up to
a. $10,500 of new money. b. $10,000 of new money. c. $9,500 of new money. d. $2,500 of new money.
When economists say that the supply for a product has increased, they mean that the
A. supply curve has shifted to the left. B. product has become particularly scarce for some reason. C. product has become more expensive and thus consumers are buying less of it. D. supply curve has shifted to the right.
Game theory can be used to demonstrate that oligopolists:
A. rarely consider the potential reactions of rivals. B. experience economies of scale. C. can increase their profits through collusion. D. may be either homogeneous or differentiated.