The minimum wage is an example of a price ceiling
Indicate whether the statement is true or false
FALSE
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The AS curve shows the total quantity of goods and services firms produce at any given price level.
a. true b. false
In a small economy, consumption spending is $6,000, government purchases are $1,200, gross investment is $1,500, exports are $2,000, and imports are $1,000. What is gross domestic product?
A) $9,700 B) $9,800 C) $10,800 D) $11,700
A problem with the income security program category for federal government outlays is that it excludes unemployment compensation
a. True b. False Indicate whether the statement is true or false
Which of the following could be considered to be a secondary effect caused by making drugs such as marijuana, cocaine, heroin and meth illegal?
a. The higher prices that result from making drugs illegal results in more property theft by users to afford the drugs. b. The usage of police and law enforcement resources to enforce drug laws leads to lower enforcement (and thus a higher amount) of other crimes. c. Without the ability to use the legal system to enforce contracts in these underground markets, violence between buyers and sellers often results when one party to a drug deal does not live up to their end of the bargain, thus the amount of violence in society increases by making drugs illegal. d. When supplying the demand for a product that has been decreed illegal by the government, the supplier has no incentive to refrain from other illegal and equally punishable behaviors, thus increasing crime by making drugs illegal. e. All of the above would be considered valid and important secondary effects of making drugs illegal.