1. Name the three major factors of production.
  2. Discuss four reasons to study factor pricing.
  3. Which of the three major factors of production has the largest share and which has the smallest?
  4. What makes land different from most other factors of production?
  5. Define pure economic rent.
  6. Illustrate how rent is determined in the market.
  7. Illustrate the Corn War debate. What was David Ricardo’s explanation for rapidly rising grain prices?
  8. Explain why Henry George advocated a single tax on land.
  9. Prove that a tax on pure economic rent will result in no distortions or allocative inefficiencies.
  10. What is tax incidence analysis?
  11. What are the major criticisms of Georgist Theory?
  12. Why does an acre of farmland in Iowa cost so much more than an acre of farmland in New Mexico?
  13. Illustrate the rent differentials that might arise from differences in the quality of land and its productivity.
  14. Illustrate the concept of quasi-rents.
  15. What is rent seeking? Provide an example from public policy.

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