The US state and local governments gains revenue from:
a. property taxes.
b. revenue from money creation.
c. customs.
d. all of the above.
Ans: a. property taxes.
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The expression, "There's no such thing as a free lunch" implies that: a. everyone has to pay for his/her own lunch
b. the person consuming a good must always pay for it. c. costs must be incurred when resources are used to produce goods and services. d. no one has time for a good lunch anymore.
If Ellie Mae spends her income on possum and biscuits, and the price of possum is three times the price of biscuits, then when Ellie Mae maximizes total utility, she will buy
a. equal quantities of possum and biscuits b. three times as much possum as biscuits c. three times as many biscuits as portions of possum d. biscuits and possum until the marginal utility of possum is three times the marginal utility of biscuits e. biscuits and possum until the marginal utility of biscuits is three times the marginal utility of possum
Labor-saving technological advances decrease the marginal productivity of labor
a. True b. False Indicate whether the statement is true or false
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher