The economic argument for legalizing drugs:
a. takes into consideration all the externalities associated with drug use.
b. shows that economists are all libertarians at heart.
c. is based on the assumption that for most non-users, the demand is relatively price elastic.
d. is really politically motivated.
e. is morally bankrupt.
c. is based on the assumption that for most non-users, the demand is relatively price elastic.
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________ marginal opportunity cost implies that the more resources already devoted to any activity, the payoff from allocating yet more resources to that activity increases by progressively smaller amounts
A) Constant B) Increasing C) Decreasing D) Negative
At a product's equilibrium price
A) anyone who needs the product will be able to buy the product, regardless of ability to pay. B) not all sellers who are willing to accept the price will find buyers for their products. C) the federal government will provide the product to anyone who cannot afford it. D) any buyer who is willing and able to pay the price will find a seller for the product.
To be officially counted as unemployed, one must be
A. Not employed at a full-time job. B. Either not working or working only part-time. C. Actively seeking employment and currently not working. D. None of the choices are correct.
Which of the following will not shift the demand for the euro to the right?
A) an increase in interest rates in the European Union B) an increase in incomes in countries that buy goods from the European Union C) expectations among speculators that the price of the euro will rise in the future D) a decrease in the demand for European goods