The largest source of tax revenue for the U.S. federal government is:
A. personal income taxes.
B. property taxes.
C. corporate income taxes.
D. sales and excise taxes.
Answer: A
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The category of resources economists call "land" refers to all of the following, except:
a. natural gas. b. animals. c. oceans. d. minerals. e. buildings.
Rent control applies to about two-thirds of the private rental housing in New York City. Economic theory suggests that the below-equilibrium prices established by rent controls would
a. create a surplus of rental housing. b. promote a rapid increase in the future supply of housing. c. result in poor service and quality deterioration of many rental units. d. lead to a reduction in housing discrimination against minorities.
If a monopolist is able to perfectly price discriminate,
a. consumer surplus is always increased. b. total surplus is always decreased. c. consumer surplus and deadweight losses are transformed into monopoly profits. d. the price effect dominates the output effect on monopoly revenue.
Peak season demand for Orlando hotel rooms is: Rooms = 200,000 - 1000 Rate. What would be the nightly room rate that would fill all 100,000 rooms in Orlando hotels?
$150 $200 $100 $120 $50