The basic nature of the real property tenure that was transferred here from England included all of the following characteristics of ownership except
(a) Ownership by purchase was perpetual as long as taxes due were met.
(b) Land could descend to heirs either by will or inheritance.
(c) Ownership included surface resources but not subsurface resources or mineral
rights, like iron ore, whose ownership was retained by the state.
(d) The right to exploit owned resources (right of waste) was complete.
(c)
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If the marginal propensity to consume is 0.7 and if output increases by $200, then consumption spending
A) increases by $70. B) decreases by $70. C) increases by $140. D) decreases by $140.
Which of the following is not a reason for changes in the politics of the budget process over the past forty years?
a. The changing composition of government spending toward social services. b. The increasing size of budget deficits. c. The increasing federal debt. d. The move away from incrementalism in the budgetary process.
Refer to the accompanying figure. When the price is equal to 8, the price elasticity of demand for the demand curve D1 is ________ and for D2 the price elasticity of demand is ________.
A. 4; 4 B. 4; 1 C. 1; 4 D. 2; 4
The difference between quantity restrictions and price ceilings as to their effect on the market is that
A. while price ceilings are efficient, quantity restrictions are not. B. while some consumers gain from price ceilings, no consumers gain from quantity restrictions. C. only quantity restrictions make the market inefficient. D. only price ceilings make the market inefficient.