A drug interdiction program that successfully reduces the supply of illegal drugs in the United States likely will
a. raise the price, reduce the quantity, decrease total revenues, and decrease crime.
b. lower the price, increase the quantity, increase total revenues, and increase crime.
c. raise the price, increase the quantity, decrease total revenues, and increase crime.
d. raise the price, reduce the quantity, increase total revenues, and increase crime.
d
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The amount of a good sold in a market at a particular price cannot exceed the quantity
A. demanded at that price. B. supplied at that price. C. sold when there is a price floor. D. sold when there is a price ceiling.
The quantity of loanable funds demanded increases if the real interest rate falls, all other things remaining the same, because the real interest rate
A) is the opportunity cost of investment. B) is not related to the price of bonds and stocks. C) affects the supply of saving which, in turn, determines the quantity of investment. D) affects the quantity of saving supplied. E) determines the cost of living.
Compared to other countries, the U.S. federal government relies
A. more heavily on direct taxes than do governments of other countries. B. less heavily on direct taxes than do governments of other countries. C. more heavily on indirect taxes than do governments of other countries. D. on direct taxes about as heavily as do governments of other countries.
Recall the Application about how society will cope with increased demands for entitlement programs to answer the following question(s). This Application addresses the impact of increasing life expectancy and aging populations on the costs of government entitlement programs such as Social Security, Medicare and Medicaid, and examines several possible solutions to the potential problem.According to this Application, in the year 2075, the portion of GDP devoted to spending on Social Security, Medicare and Medicaid is expected to be:
A. significantly less than the share of GDP devoted to these programs today. B. roughly equal to the total amount of GDP today. C. larger than total federal spending's share of GDP today. D. greater than the consumption spending component's share of GDP in 2075.