It is not uncommon for people to say something like, "If we can put someone on the moon we should be able to . . . ," followed by the person's favorite project. What response can an economist make to this person?
What will be an ideal response?
Society must make choices, and when it chooses one thing, it must give up something else. Resources were used to get people to the moon, and these resources are not available to do other useful things. The fact that we put someone on the moon means that there are some other things we cannot do.
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What is the reason behind the popularity of auctions among consumers?
What will be an ideal response?
Suppose that 19th-century politicians had succeeded in their attempt to impose a "single tax"-a tax on suppliers of land (i.e., landlords). Most of the economic burden of the tax would have been borne by
a. renters, because the demand for land is generally less elastic than its supply. b. renters, because the demand for land is generally more elastic than its supply. c. landlords, because the demand for land is generally less elastic than its supply. d. landlords, because the demand for land is generally more elastic than its supply.