Suppose the government has declared beer to be an illegal substance and has imposed penalties on any person caught selling a beer. Buying a beer, however, remains legal
Using the above figure, in which CBL is the cost of breaking the law, beer consumption is decreased by A) 200 quarts.
B) 300 quarts.
C) 400 quarts.
D) 500 quarts.
A
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Firms use incentives to pursue their most fundamental goal, which is to maximize
A) profits. B) sales revenue. C) worker satisfaction. D) worker pay.
The quantity theory of money was derived from the quantity equation by asserting that
A) real output was fixed. B) the money supply was fixed. C) the velocity of money was zero. D) the velocity of money was fixed.
The primary tool used by the Federal Reserve to change the money supply is _____
Fill in the blank(s) with correct word
The average standard of living for poor countries will not increase if the population growth exceeds economic growth.
Answer the following statement true (T) or false (F)