Critics of a single tax on land oppose the idea because:
A. it would overtax the population.
B. changes in land ownership would cause the tax burden to fall unfairly on people who did
not receive economic rents.
C. it would disproportionately tax the richest members of society.
D. it would cause too much land to be brought out of production.
Answer: B
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Suppose the price level is unchanged and real GDP decreases. Then
A) nominal GDP must decrease. B) nominal GDP must remain unchanged. C) nominal GDP must increase. D) none of the above are true.
The principal-agent problem means that managers must
A) find ways for managers to get people to buy stock in their company. B) devise compensation rules to induce principals to act in the best interest of agents. C) devise compensation rules to induce agents to act in the best interest of principals. D) find efficient agents who will negotiate fair compensation rules for a firm's principal managers.
The greater the number of firms in a colluding oligopoly, the ________ the gain from undercutting the monopoly price and the ________ the potential future loss from a price war.
A. smaller; smaller B. smaller; larger C. larger; larger D. larger; smaller
What is the process that begins with invention and includes improvement to prepare the invention for practical use and marketing of the invention or its products?
A) Sales B) Innovation C) Productivity D) Commercialization