Which of the following reasons for making drug sales illegal do economists generally endorse?
A. The harm they do to innocent victims.
B. The harm they do to people who knowingly take them.
C. The risks associated with selling them.
D. The harm they do to people who knowingly take them and the risks associated with selling them.
Answer: A
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A cartel's profit-maximizing quantity occurs where the cartel's
a. marginal cost equals marginal revenue b. marginal cost equals demand c. price is highest d. cost is lowest e. demand curve has a kink
The poverty rate is the percentage of the population whose family income falls below an absolute level called the
In order for the existing workforce to be more productive, there needs to be
A. An increase in human capital. B. A decrease in economic growth. C. An increase in population. D. A redistribution of income within the nation.
If the price elasticity of demand for a good is -0.8 and quantity demanded decreases by 40%, price must have
A. decreased by 20%. B. increased by 32%. C. increased by 5%. D. decreased by 32%. E. none of the above