Beer and wine were difficult to find during the prohibition on alcohol, but whisky and gin were plentiful. Why?
What will be an ideal response?
Criminals found it much more efficient to produce hard liquor.
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Refer to Table 2-4. What is Jack's opportunity cost of mowing a lawn?
A) one-half of a garden cultivated B) two lawns mowed C) two-thirds of a garden cultivated D) one and a half lawns mowed
The best definition of economics is
A) how choices are made under conditions of scarcity. B) how money is used. C) how goods and services are produced. D) how businesses maximize profits.
Which of the following can be a signal of product quality to customers?
a. Discounts offered on bulk purchases of the product. b. Gift of complementary products offered to purchasers. c. The information provided by the salesperson about the product. d. A warranty provided along with the product.
The main reason the United States established a central bank was
a. a desire for a strong centralized financial authority. b. to follow the conclusions of economic theory. c. severe inflation after the Civil War. d. disastrous experiences with financial panics.