Economists use the government's tax revenue to measure the public benefit from a tax
a. True
b. False
Indicate whether the statement is true or false
True
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If a city suddenly and unexpectedly abolishes all property taxes on residential property, which consequence is most likely to be observed first?
A) Higher rents for residential space B) Higher sale prices for residential property C) Lower rents for residential space D) Lower sale prices for residential property E) More conversion of apartments to condominiums
In the neoclassical model, an increase in the savings rate
a. causes a more than proportionate increase in the capital to labor ratio. b. results in a less than proportionate increase in the capital to labor ratio. c. results in a proportionate increase in the growth rate of output. d. None of the above
Which of the following is not a necessary condition for effective price discrimination?
A. The seller must be able to separate buyers based on their elasticities. B. The seller must not be a price taker. C. Consumers must not be able to resell the products to other consumers. D. Consumers must tell the seller how much they are willing to pay for the product.
If, in response to an increase in the price of pineapples, the quantity of pineapples demanded decreases, then economists would describe this as
A) an decrease in demand. B) a decrease in quantity demanded. C) a change in consumer income. D) a decrease in consumers' taste for pineapples.