Henry George's single-tax movement was based on the argument that:
A. the tax structure should consist solely of a highly progressive tax on nonwage incomes.
B. interest is unearned income and should be taxed away by government.
C. in less developed countries the supply of and demand for land will be such that land will be
a free good and therefore capable of bearing sizable taxes.
D. a high tax on land rent is justified because land rent performs no incentive function.
Answer: D
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When real Gross Domestic Product (GDP) falls, which of the following will automatically occur?
A) an increase in income tax revenues B) a decrease in all tax rates C) a decrease in unemployment compensation expenditures D) a decrease in income tax revenues
Discounting is the process whereby
A) present values are adjusted to their future value, using the interest rate. B) future values are converted to their value today, using the interest rate. C) product prices are reduced (discounted) to increase sales and profits today. D) future values are adjusted for inflation.
Refer to Scenario 16.1. Initially Sam and Sally are allocated 10 cheese doodles and 10 pretzels each. Which of the following statements are TRUE?
A) The initial allocation is Pareto optimal as it is equitable. B) The initial allocation is Pareto optimal as Sally and Sam have equal amounts of both goods. C) The allocation is not Pareto optimal. An allocation that gave Sam all of the cheese doodles and Sally all of the pretzels would make both of them better off. D) The allocation is not Pareto optimal. An allocation that gave Sam four of the cheese doodles and sixteen of the pretzels (leaving Sally the rest) would make both of them better off.
Which of the following is an example a lack of self-control that contradicts the conclusions of standard economic analysis?
a. Eating more food at an all-you-can-eat buffet b. Playing video games all night even with an exam the following morning that will determine your semester grade c. Decreasing the purchase of steak if the price increases 25% d. all of the above