Public schools in the United States get most of their operating funds from
A) income taxes on corporate profits. B) tariffs collected on imported goods.
C) local property taxes. D) government production and subsidies.
C
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Which of the following means that the CPI overstates the actual inflation rate?
A) new goods bias B) quality change bias C) outlet substitution bias D) All of the above cause the CPI to overstate inflation.
Several years ago, Alcoa was effectively the sole seller of aluminum because the firm owned nearly all of the aluminum ore reserves in the world. This market was not perfectly competitive because this situation violated the:
A) price-taking assumption. B) homogeneous product assumption. C) free entry assumption. D) A and B are correct. E) A and C are correct.
Crowding out refers to the situation in which:
a. borrowing by the federal government raises interest rates and causes firms to invest less. b. foreigners sell their bonds and purchase U.S. goods and services. c. borrowing by the federal government causes state and local governments to lower their taxes. d. increased federal taxes to balance the budget causes interest rates to increase and consumer credit decreases.
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. Which of the following statements is true? The opportunity cost of a truck in Country A is:
A. 30 cars. B. 3 cars. C. 6 trucks. D. 5 cars.