Which of the following statements helps to explain why government drug interdiction increases drug-related crime?
a. The direct impact is on buyers, not sellers.
b. Successful drug interdiction policies reduce the demand for illegal drugs.
c. Drug addicts will have an even greater need for quick cash to support their habits.
d. In the short run, both equilibrium quantities and prices will fall in the markets for illegal drugs.
c
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If mixed strategies are allowed in the Copycat Game, a Nash equilibrium will result if
a. both players randomly choose their strategies by flipping a fair coin. b. one player randomly chooses his strategy by flipping a fair coin, while the other player uses a pure strategy. c. one player randomly chooses his strategy by flipping an unfair coin, while the other player uses a pure strategy. d. both players stick to using pure strategies.
If pollution is reduced below the socially efficient level:
a. the marginal cost of pollution abatement exceeds the marginal benefit of pollution abatement b. the marginal cost of pollution abatement is less than the marginal benefit of pollution abatement. c. the marginal cost of pollution abatement equals the marginal benefit of pollution abatement. d. nothing can be said about the relationship between the marginal cost and marginal benefit of pollution abatement.
The alternative to voluntary exchange is:
A. self-sufficiency. B. dependency. C. cooperation. D. marginal analysis.
Last Word) Over the past twenty-five years, China has averaged annual growth rates of nearly:
A. 5 percent. B. 9 percent. C. 12 percent. D. 15 percent.