Lesson 7: Applying the Remedy Stuff to read: Henry George’s Remedy (parts 4-6) Your NameYour Email *1. In terms of political economy, "real estate" (6 pts.) must be regulated so that affordable housing will be provided.is a confusing term, because it groups two distinct factors under one heading.should be the basic source of public revenue.should not be privately owned.2. What is a natural monopoly? Why did Henry George believe that such enterprises should be operated by the government? ( 7 pts.)3. Name at least three examples of natural monopolies. (6 pts.)4. What are the four "Canons of Taxation" articulated by Adam Smith? ( 7 pts.)5. What idea is brought forward to justify a policy of "broad-based" taxation? Does this idea make sense? Explain your answer. ( 7 pts.) 6. What source of tax revenue can be collected without decreasing the demand for goods and services? ( 7 pts.)7. The management activity of landlords, such as maintaining buildings or recruiting tenants (6 pts.) has increasingly been taken over by large corporations.is an appropriate source of tax revenue.is what they do to earn the rent of land.n terms of political economy, is wages, not rent.8. Taxes levied on goods, such as sales or value-added taxes, are routinely passed on to the consumers. Why cannot a tax on land values be passed on in the same way? ( 7 pts.) 9. What is the most common first step in implementing a land value taxation policy? ( 7 pts.)10. If a city introduced a lower tax on buildings and higher tax on land values (6 pts.) it would tend to increase construction in that area.it would bring more commerce to the center-city area.it would make it more expensive to hold land out of use.it would tend to raise land values there.All of the above.11. How can a partial application of land value taxation actually raise land prices? ( 7 pts.)12. List some benefits that have been gained from the partial application of land value taxation in various places. (6 pts.)13. Is it likely that a land value taxation system would change the balance of power between federal and local governments? If so, how? ( 7 pts.)14. How would land value taxation promote the optimal use of land? ( 7 pts.)15. Describe the difference between a "positive" and a "normative" approach to economics. How is this distinction complicated by the role of land in the economy? ( 7 pts.) MessageSubmit Lesson 7