If there are cost differences in transporting goods produced on different acres of land to the same market,
a. only land closest to the market will be cultivated
b. landowners closest to the market will receive zero rent
c. location rents emerge
d. the market price and the supply price will be the same
e. transportation costs will be equalized by competition
C
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In 1981, U.S. policy makers predicted a balanced budget as: a. the budget included a decrease in defense expenditures
b. the budget included an increase in the tax rate. c. the budget included an increase in unspecified government spending. d. the growth in GDP was expected to be large enough to lead to an increase in tax revenues despite the tax cut. e. the growth in GDP was expected to be small enough to require less government spending.
When the government taxes income as part of a redistribution program,
a. the poor pay higher taxes. b. the rich always benefit more than the poor. c. the poor are encouraged to work. d. incentives to earn income are diminished.