Which of the following reasons for making drugs sales illegal do economists generally see as potentially legitimate, but beyond their area of expertise?
A. The harm that addictive drugs do to innocent victims and that they do not allow for people to learn from the mistake of taking them.
B. That addictive drugs do not allow for people to learn from the mistake of taking them.
C. The harm they do to innocent victims.
D. Drugs are immoral and allowing them to be sold is immoral.
Answer: D
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If incomes fall by 5 percent and the quantity demanded for new cars falls by 10 percent,
A. New cars are an inferior good, and the income elasticity is +0.5. B. New cars are a normal good, and the income elasticity is +2.0. C. New cars are a normal good, and the income elasticity is +.5. D. New cars are an inferior good, and the income elasticity is +2.0.
In auctions, the winner always pays a price equal to the highest (his) bid
Indicate whether the statement is true or false
A monopsony will:
a. hire more workers than a competitive employer. b. pay a higher wage than a competitive employer. c. employ a quantity of labor where the marginal revenue product equals the marginal factor cost. d. all of these.
From 1979 to 1982, the Fed targeted bank reserves as the monetary policy tool. One side effect of this strategy was:
A. the inflation rate increased to over 18 percent in 1983. B. inflation remained high for most of the 1980's. C. many banks failed that otherwise may not have. D. interest rates rose very high.