A property tax is a
a. progressive tax assessed on property ownership
b. flat rate tax assessed on physical assets such as land
c. flat rate tax assessed on income received from property ownership
d. flat rate tax assessed on the sale of property and other physical assets
e. progressive tax assessed on the sale of property and other physical assets
B
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An improvement in the quality of U.S. goods would lead to a ________ in the demand for dollars and a ________ in the exchange rate
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
If the price of gasoline increases and car dealers experience a decrease in demand for sport utility vehicles, then gasoline and sport utility vehicles are:
a. Substitutes b. Complements c. Inferior goods d. Unrelated goods
An inferior good is a good
A. that consumers purchase more when their incomes are higher. B. of high quality. C. that has low quality. D. that consumers purchase less of when their incomes are higher.
Assuming elasticity of demand is reported as an absolute value, a price elasticity of demand of 0.4 indicates an:
A. inelastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price. B. elastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price. C. elastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price. D. inelastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.