Why would farmland closer to the limits of a city be worth more than farmland farther out?
What will be an ideal response?
The farmland closer to the city has the advantage of being nearer to the amenities of a city, such as education, stores and services. Moreover, the demand for farmland nearer to the city grows as the city expands and the potential return to alternative uses other than farming (such as residential or business development) increases. Farmland further from the city faces a lower value as the costs of transportation, services and consumption increase.
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f Bob earns $20,000 per year and Sue earns $100,000 a year, and there is a flat tax of 10 percent imposed, then Bob would pay __________, Sue would pay ___________, and this is a __________ tax.
A. $2,000; $10,000; proportional B. $2,000; $10,000; progressive C. $2,000; $10,000; lump-sum tax D. $200; $1,000; flat tax
The political party that is in power determines the position and shape of the production possibilities frontier that constrains the choices of the economy
a. True b. False Indicate whether the statement is true or false
All of the following are true about the basic money supply except:
A. It includes credit card balances. B. It includes currency held by the public. C. It includes money kept in transactions accounts. D. It is known as M1.
The Federal Open Market Committee (FOMC) of the Federal Reserve System is primarily for:
Supervising banks to make sure that markets are open to all and remain competitive Issuing currency and acting as the fiscal agent for the Federal government Setting the Fed's monetary policy and directing the purchase and sale of government securities Maintaining cash reserves that can be used to settle international transactions