The value of tax land increases as a result of site value taxation only when _____
a. all governments employ it
b. surrounding governments do not employ it
c. the supply of land is inelastic
d. the demand for housing is strong
b
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The difference between the ________ for a good and the ________ is called consumer surplus
A) lowest price a consumer is willing to pay; price the consumer actually pays B) highest price a consumer is willing to pay; price the consumer actually pays C) highest price a consumer is willing to pay; lowest price a consumer is willing to pay D) price the consumer actually pays; actual cost to the producer
A perfectly competitive firm should continue to expand output until
a. total revenue exceeds total costs. b. total revenue exceeds variable costs. c. marginal revenue equals marginal costs. d. average revenue equals variable costs.
Bottlenecks may force competitors to offer services within the same network.
Answer the following statement true (T) or false (F)
Which of the following is not a major responsibility of the Fed?
A) supplying the economy with paper money B) providing check-clearing services C) supervising member banks D) serving as fiscal agent for the Treasury E) All of the above are major responsibilities of the Fed.