Prescribing a Minor Penalty for Involvement in Illegal Activities as an Alternative

question 45

Multiple Choice

Prescribing a minor penalty for involvement in illegal activities as an alternative to prison sentences or major penalties, is called

• A)recriminalization.
• B)decriminalization.
• C)legalizataion.
• D)broken windows policing.

Recognize the effects of shifts in the aggregate expenditure line on real GDP.

Understand the principles of bond pricing and the factors that influence bond prices.

Identify the types of bonds and their unique characteristics.

Comprehend the concept of yield to maturity and how to calculate it.

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Definitions:

Average Product

The output per unit of input, calculated by dividing total output by the total number of units of input.

Production Possibilities

Different combinations of two or more goods and services that can be produced in a given time period, given a certain amount of resources and technology.

Total Product

The overall quantity of output that a firm produces, usually in relation to a given amount of input.

Marginal Products

The additional output that results from using one more unit of a production input, keeping all other inputs constant.