Critics of a single tax on land oppose the idea because:
A. it would overtax the population.
B. changes in land ownership would cause the tax burden to fall unfairly on people who did
not receive economic rents.
C. it would disproportionately tax the richest members of society.
D. it would cause too much land to be brought out of production.
Answer: B
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For economic efficiency, which of the following conditions should be met?
a. Scarcer goods should have lower prices. b. More abundant goods should have lower prices. c. More abundant goods should have higher prices. d. All goods should have equal prices.
Which statement about changes in the discount rate is true?
a. The discount rate is usually set lower than the federal funds rate to encourage borrowing. b. The discount rate is rarely changed because it has a huge impact on the money supply. c. The Fed can raise the discount rate to increase the money supply. d. Changes in the discount rate are seen as a signal of the Fed’s monetary policy intentions.