A property tax discourages improvements that would increase the value of the property
a. True b. False
a
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A simple model used in your textbook to show how an economy works is the
a. renewable resources model b. normative economic model c. insatiable wants model d. econometric model e. circular flow model
In some countries it is time consuming and costly to establish ownership of property. Reforms to reduce these costs would likely
a. have no affect on either real GDP nor productivity b. raise real GDP and productivity. c. raise real GDP but not productivity. d. raise productivity but not real GDP.
Exhibit 6A-5 Consumer Equilibrium
?
Given the budget lines and indifference curves shown in Exhibit 6A-5, if the budget line shifts from AB to AC, then the equilibrium points X and Y:
A. result from a decrease in the price of good X. B. are two points along a downward sloping demand curve for good X. C. result from a decrease in the consumer's budget. D. result from a decrease in the price of good Y.
The study of the aggregate economic variables is
A) macroeconomics. B) microeconomics. C) positive economics. D) normative economics.