If the Purchase and Sale of a Currently Illegal Drug

question 47

Multiple Choice

If the purchase and sale of a currently illegal drug (for example,marijuana) were decriminalized,economists would expect

• A)an increase in demand and supply of this drug.
• B)an increase in demand and a decrease in supply of this drug.
• C)a decrease in demand and an increase in supply of this drug.
• D)a decrease in demand and supply of this drug.

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Definitions:

Two-Way Tables

Two-way tables categorize data into two dimensions, helping to analyze the relationship between two categorical variables.

Null Hypothesis

A default statement that there is no effect or no difference, used as a starting point for statistical hypothesis testing.

Degrees of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution.

Chi-square Statistic

A statistical measure used to determine if there is a significant difference between the expected frequencies and the observed frequencies in one or more categories.