Which of the following would be viewed as a common property problem?
A. To be safe you must lock your door at night.
B. Your property is burglarized.
C. Vandals damage your property.
D. People pick all of the flowers in a public park.
Answer: D
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Suppose the Oakland Raiders football team increases their season ticket prices and total revenue from ticket sales falls, but not to zero. This fact means that the demand for Raiders tickets is
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
According to the benefits-received principle of taxation
A) people in the same economic situation should bear an equal share of the tax burden. B) the benefits of government programs such as national defense are shared equally by all people; therefore, the burden of paying for these programs should be shared equally. C) because high-income individuals receive the most benefits from government programs, they should pay more taxes than lower-income individuals. D) individuals who receive the benefits from a government program should pay the taxes that support the program.