Of all industrialized nations, real GDP per capita was the highest in Japan in 2014
Indicate whether the statement is true or false
FALSE
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Local property taxes are used to provide
A. education. B. fire protection. C. libraries. D. all of these answer options are correct.
The basic tools of supply and demand are
a. useful only in the analysis of economic behavior in individual markets. b. useful in analyzing the overall economy, but not in analyzing individual markets. c. central to microeconomic analysis, but seldom used in macroeconomic analysis. d. central to macroeconomic analysis as well as to microeconomic analysis.
If the government imposes an excise tax on a good, it will collect the most tax revenues from it if the demand for the good is:
A. Elastic B. Inelastic C. Unit elastic D. Perfectly elastic
The Coase theorem states that
A. under certain conditions, private parties can arrive at the efficient solution without government involvement. B. the private sector will fail to produce the efficient amount of a public good because of the free-rider problem. C. public goods should be produced up to the point where the additional benefit received by society equals the additional cost of producing the good. D. if there are external costs in production, the government must intervene in the market to assure that the efficient level of output is produced.