1. Which of the following most accurately completes the statement? If drugs such as marijuana and cocaine were legalized, it would be likely that Question 21 options: a) there would be an increase in the frequency of tainted and poor quality versions of these drugs that severely harm users. b) their prices would increase and quality would decline as innovation would cease in drug production. c) there would be more violence occurring in transactions involving these substances as producers fight for expanded customers. d) their prices would decrease, quality reliability would improve, and there would be less violence occurring in transactions. 24. Both price floors and price ceilings lead to Question 24 options: a) a reduction in the quantity traded. b) improvements in market efficiency. c) shortages. d) surpluses. 25. An excise tax levied on a product will impose a larger relative actual burden on consumers (and a smaller relative actual burden on sellers) when Question 25 options: a) the tax is statutorily (legally) imposed on the sellers, instead of imposing it on the buyers. b) the tax is statutorily (legally) imposed on the buyers, instead of imposing it on the sellers. c) either the demand of the product is relatively elastic or the supply for the product is relatively inelastic. d) either the supply of the product is relatively elastic or the demand for the product is relatively inelastic.
1. Which of the following most accurately completes the statement? If drugs such as marijuana and cocaine were legalized, it would be likely that Question 21 options: a) there would be an increase in the frequency of tainted and poor quality versions of these drugs that severely harm users. b) their prices would increase and quality would decline as innovation would cease in drug production. c) there would be more violence occurring in transactions involving these substances as producers fight for expanded customers. d) their prices would decrease, quality reliability would improve, and there would be less violence occurring in transactions. 24. Both price floors and price ceilings lead to Question 24 options: a) a reduction in the quantity traded. b) improvements in market efficiency. c) shortages. d) surpluses. 25. An excise tax levied on a product will impose a larger relative actual burden on consumers (and a smaller relative actual burden on sellers) when Question 25 options: a) the tax is statutorily (legally) imposed on the sellers, instead of imposing it on the buyers. b) the tax is statutorily (legally) imposed on the buyers, instead of imposing it on the sellers. c) either the demand of the product is relatively elastic or the supply for the product is relatively inelastic. d) either the supply of the product is relatively elastic or the demand for the product is relatively inelastic.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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21. Which of the following most accurately completes the statement? If drugs such as marijuana and cocaine were legalized, it would be likely that
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