Refer to the following graph. The long run equilibrium price would most likely be
a. $1.80.
b. $1.60.
c. $1.20.
d. $0.60.
b. $1.60.
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Property taxes are the product of the tax rate (T) and the assessed value (V). The total property tax collected in your city (P) is: P = T•V. If the value of properties rise 4% and if Mayor and City Council reduces the property the tax rate by 2%, what happens to the total amount of property tax collected? [HINT: the percentage rate of change of a product is approximately the sum of the
percentage rates of change.} a. It rises 6 %. b. It rises 4 %. c. It rises 3 %. d. It rises 2 % e. If falls 2%.
If the tax on each Snicker's bar is 10 percent of its price, than that tax is a
a. sales tax b. unit tax c. corporate tax d. progressive tax e. estate tax
If the effluent limitations are insufficient for a body of water
a. that body of water is considered “water quality limited” b. more stringent controls are required c. that water body becomes subject to total maximum daily loads (TMDLs) d. all of the above e. (a) and (b) only
The supply of human capital to a particular use is
a. perfectly inelastic in the short run. b. perfectly elastic in the long run. c. more inelastic in the short run since it takes time for persons to acquire a particular skill. d. more elastic in the short run since individuals who already possess the particular skill can be attracted into the labor force in the short run.