The burden of a site value tax will be borne entirely by the site owner _____
a. because the demand for land is elastic
b. when the site owner is forced to remit the tax
c. because the supply of land is completely inelastic
d. when the supply of land is unitary elastic
c
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In the figure above, if no one owns the lake, what is the quantity of pesticide produced?
A) 300 tons per month B) 240 tons per month C) 180 tons per month D) 360 tons per month
Compared with a 100% reserve system, fractional reserve banking
a) makes the economy more stable b) creates a greater risk of bank insolvency c) gives banks less control over the money supply d) makes the money multiplier smaller e) means that each dollar of currency is backed by a smaller amount of gold
A good that is rival in consumption and nonexcludable is a ______.
a. private b. public c. common d. club
Under the gold standard, a country with a negative balance of trade would experience
A. an inflow a gold and higher prices. B. an inflow of gold and lower prices. C. an outflow of gold and higher prices. D. an outflow of gold and lower prices.