Recall the Application about the decrease in price of illegal drugs in the United States to answer the following question(s).Recall the Application. If it is not known whether the decrease in price of illegal drugs is primarily due to a change in supply, a change in demand, or equal changes in both, the equilibrium quantity of drugs:
A. will increase.
B. will decrease.
C. will not change.
D. may or may not change.
Answer: D
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The term "bottleneck" refers to
a. when increasing amounts of variable inputs must share a fixed input. b. "fixity" of some factor of production c. None of the above d. Both a and b
The rationale behind patents is that if inventors and artists cannot secure the returns from successful projects, fewer new inventions and works of art will be produced
Indicate whether the statement is true or false
Which of the following statements is true regarding the costs associated with owning and operating an automobile?
What will be an ideal response?
If a family's income increases by 5% at the same time that inflation is 3.5%, then the:
A. Family will need to spend more in order to maintain its standard of living B. Family will need to spend less in order to maintain its standard of living C. Family's standard of living is not affected by inflation D. Family will need to spend the same amount in order to maintain its standard of living