State and local governments finance expenditures mainly from
A) tax revenue.
B) government bonds issued at the state level.
C) funds provided by the federal government.
D) private bank loans.
E) lottery funds.
A
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Explain the economic concept of convergence
What will be an ideal response?
Sadie just bought a new karaoke machine to replace her old one. Her old one works perfectly fine and would sell on Craigslist for $50. The fact that Sadie would not pay $50 for it, yet continues to let it sit in her closet unused is explained by:
A. the implicit cost of ownership. B. the cost of admitting she likes karaoke. C. ignored sunk costs. D. irrationally considering sunk costs.
In a recent fare war, America West reduced the price of its roundtrip airfare from Charlotte, North Carolina, to New York City from $198 to $138 to match American Airlines. America West matched the fare reluctantly, saying it would cost the company
millions of dollars in revenue for those tickets to be sold for less. American, on the other hand, believed the fare cut would increase its revenue even if rival airlines matched the lower fares. What different assumptions about the underlying price elasticity of demand for airline tickets on that route did each airline believe true?
In the United States, if the price of imported oil rises so that the prices of gasoline and heating oil rise, then the
a. GDP deflator rises much more than does the consumer price index. b. consumer price index rises much more than does the GDP deflator. c. GDP deflator and the consumer price index rise by about the same amount. d. consumer price index rises slightly more than does the GDP deflator.