An import ban on sugar decreases the price of sugar, decreases the quantity of sugar, and increases the output of the domestic sugar industry.
Answer the following statement true (T) or false (F)
False
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Under competition, the price of a resource reveals
a. information about the past, but not future, uses of a resource. b. the most valuable way to use the resource. c. how much the resource is worth in the most valuable of its alternative uses. d. the value of the labor needed to fully exploit the resource.
Mortgage-backed securities are:
A. tradable assets made up of packages of individual mortgages. B. investments that people bought based on the equity of their homes. C. assets that were purchased based on the leveraged value of people's homes. D. securities that are often purchased by homeowners.
Suppose that the supply of insulin is perfectly elastic and the demand for insulin perfectly inelastic. Then the result of an excise tax would be
a. a significant increase in government revenue and a significant decrease in the quantity consumed. b. a significant decrease in the quantity consumed with no change in government revenue. c. a significant increase in government revenue and no change in the quantity consumed. d. no increase in government revenue and no change in the quantity consumed.
What are four criticisms of the single tax on land?
What will be an ideal response?