In the text, U.S. and Mexico trade corn and oil and both end up with more corn and oil. Economists refer to this increased global output as

Define the following terms and explain their importance to the study of economics

a. demand b. surplus c. equilibrium d. law of supply and demand e. quantity demanded

In contrast to the need for legal enforcement under a system of direct controls, a taxes approach

a. is subject to greater uncertainty of payment of fees. b. makes taxes automatic and certain. c. speeds the prosecution and conviction process. d. does not actually reduce pollution, merely the cost of monitoring it.