The national government can have a significant impact on the value of real estate through:
A. property tax policy
B. income tax policy
C. building Codes
D. real estate licensing requirements
Answer: B. income tax policy
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Quebec is capable of producing 10 pallets of wood shingles or 8 barrels of maple syrup with a unit of labor. Vermont is capable of producing 12 pallets of wood shingles or 12 barrels of maple syrup with a unit of labor. Assume that this is typical of the labor force as a whole. Which location has the absolute advantage and which has the comparative advantage, in the production of each good? Can these locations reap gains from trade?
What will be an ideal response?
Aggregate demand is _____________.
Fill in the blank(s) with the appropriate word(s).
Output combinations that lie inside the production possibilities curve are characterized by efficient use of resources.
Answer the following statement true (T) or false (F)
What is Italy's opportunity cost of producing 3 art books?
