Many drugs are illegal in the United States. Despite this law, illegal drugs are usually available at a price many times higher than they would be if the drugs weren't illegal. The high price of illegal drugs is an example of:
A. the market affecting political forces.
B. the failure of the market.
C. the failure of political forces.
D. political forces affecting the market.
Answer: D
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In Solow's exogenous growth model, the steady-state growth rate of capital can be increased by
A) higher population growth. B) higher depreciation rate. C) higher saving rate. D) higher interest rate.
The production possibilities curve shows that:
a. some of one good must be given up to get more of another good in an economy that is operating efficiently. b. no output combination is impossible. c. an economy that is operating efficiently can have more of one good without giving up some of another good. d. scarcity can be eliminated.
A competitive market has two basic characteristics. What are those two characteristics?
If you consume a product up to the point that your marginal utility becomes negative, your total utility will be _____.
Fill in the blank(s) with the appropriate word(s).