The standard method of determining fair market value is called the comparable sales method
Indicate whether the statement is true or false
TRUE
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The Coase theorem implies that an efficient solution is possible only if property rights are well-defined and transactions costs are low
a. True b. False Indicate whether the statement is true or false
When demand is price inelastic,
a. price and total revenue move in the same direction. b. price and total revenue move in the opposite direction. c. total revenue increases whether price goes up or down. d. total revenue decreases whether price goes up or down.
Senator Smith proposes that the income tax structure be revised to have two tax rates. The first, 16 percent, applies to persons whose income is between $0 and $40,000 a year. The second, 23 percent, applies to persons whose income is more than $40,000 a year. This is a
A) regressive income tax structure. B) proportional income tax structure. C) progressive income tax structure. D) cyclical income tax structure.
An exchange rate that has an officially fixed value less than than its fundamental or market equilibrium value is called a(n) ________ exchange rate.
A. devalued B. undervalued C. depreciated D. overvalued