Economic rent applies to
A) land only and nothing else.
B) real property only.
C) all resources.
D) any resource in fixed supply.
Answer: D
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The average tax rate faced by an individual is the ________
A) total tax paid by her divided by the total income earned B) total revenue received by the government divided by the number of taxpayers C) percentage of the last dollar earned that a household pays as a tax D) difference between the highest tax rate and the lowest tax rate
If excess reserves are $10,000, demand deposits are $100,000, and the required reserve ratio is 10 percent, then total reserves are
A. $0. B. $110,000. C. $20,000. D. $10,000.
Which of the following is most consistent with the benefits principle?
A. Charging taxes to the people who use the funded services B. Taxes that account for a person’s ability to pay C. Excise taxes on imported aluminum D. Sales taxes on cigarettes
Suppose that only one curve shifts. If you observe that the equilibrium price increased while the equilibrium quantity decreased, then the market experienced a(n):
A. decrease in supply. B. increase in demand. C. increase in supply. D. decrease in demand.