According to your textbook, the current war on drugs in the United States has similar consequences to the earlier prohibition on alcohol. The similar consequences include
A) an underground supply and demand process.
B) the production of more powerful and dangerous forms of the illegal products.
C) production and distribution being controlled by people with a comparative advantage in crime
D) All of the above.
E) None of the above.
D
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What is meant by imperfect information?
What will be an ideal response?
Economists refer to the actions people take after they have entered into a transaction that makes the other party to the transaction worse off as
A) economic inefficiency. B) moral hazard. C) market failure. D) bad faith.
Refer to Table 9-12. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Estonia gain compared to the "without trade" numbers?
A) 0 B) 10 C) 40 D) 50
The statement "The unemployment rate in the U.S. is 5 percent" is
a. a statement of opinion b. a positive statement that can be falsified c. lacking proper microeconomic foundations d. a statistical anomaly e. a philosophical difference of opinions regarding the nature and significance of statistical inference