An increase in demand for housing will reduce the availability of land for cultivation
a. True
b. False
Indicate whether the statement is true or false
True
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From the net tax function: T = t0 + t1Y, where t0 < 0 and t1 > 0, it follows that, as income rises
a. average taxes falls and the surplus declines. b. average taxes rises and the deficit increases. c. average taxes falls and the deficit declines. d. Average taxes and the deficit do not change.
One of the Ten Principles of Economics in Chapter 1 is that people face tradeoffs. The growth that arises from capital accumulation is not a free lunch. It requires that society
a. conserve resources for future generations. b. sacrifice consumption goods and services now in order to enjoy more consumption in the future. c. recycle resources so that future generations can produce goods and services with the accumulated capital. d. None of the above is correct.