Site value taxation _____
a. taxes improvements to land
b. taxes the assessed value of land
c. taxes the locational value of land
d. a and c
c
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Which one of the following statements is NOT correct?
A) Unemployment can occur even when an economy is growing. B) The line between frictional and structural unemployment is sometimes hard to draw. C) The natural rate of unemployment is estimated to be between 5 percent and 6.5 percent in the U.S. D) The term "full employment" means that 100 percent of the labor force is employed.
Marginal cost
A. equals the slope of the total cost curve. B. is calculated as DTC/DQ. C. is the increase in total cost resulting from a one-unit increase in output. D. All of the responses are correct.
A vertical supply curve may be described as being
A) relatively elastic. B) perfectly inelastic. C) relatively inelastic. D) perfectly elastic.
In a perfectly competitive industry, influence over price is exerted by
a. individual sellers. b. individual buyers. c. the largest firms. d. the forces of supply and demand.