Economists generally do not agree to limit the private and voluntary actions of people, but, in the case of gambling, economists will admit that gambling
A. teaches people about statistics.
B. is immoral, so it must be prohibited.
C. is fun.
D. has external costs, so regulation could be justified for that reason.
Answer: D
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Compared to perfect competition, a monopolistically competitive market will produce ________ output and charge a ________ price
A) more; higher B) more; lower C) less; higher D) less; lower
Innovation is the application of new technology to a production process
Indicate whether the statement is true or false
The tax revenue received by a government from a sales tax is larger if demand is relatively more elastic
a. True b. False Indicate whether the statement is true or false
Money neutrality states that a change in the money supply affects _____ variables only. Most economists believe that money neutrality is a good description of how money affects the economy in the _____
Fill in the blank(s) with correct word