Problem
1. In the 1980s land prices in Japan surged upward in a "speculative bubble." Land prices then fell for 11 straight years between 1990 and 2001. What can we safely assume happened to land rent in Japan over those 11 years? Use graphical analysis to illustrate your answer.
2. How does Henry George's proposal for a single tax on land relate to the elasticity of the supply of land? Why are there so few remaining advocates of George's proposal?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.