Which of the following forms of taxation accounts for the largest share of taxes received by state and local governments?
A) sales, excise, and gross receipts taxes
B) personal and corporate income taxes
C) license and permit fees
D) property taxes
A
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Which theory best explains the wealth inequalities amongst nations?
A) weather B) government institutions C) natural selection D) factors outside of any human control E) levels of corruption
If an economy is operating at a point inside the production possibilities curve,
a. its resources are not being used efficiently. b. the curve will begin to shift inward. c. the curve will begin to shift outward. d. This is a trick question because an economy cannot produce at a point inside the curve.
A government fulfills a protective function when it
What will be an ideal response?
You are part of a local community theater group. It is the goal of the group to increase the amount of revenue earned through ticket sales. Mary says the obvious solution is to increase ticket prices. Is Mary correct?
A. Mary is correct if the demand for tickets is price inelastic. B. Mary is incorrect if the demand for tickets is price inelastic. C. Mary is correct. The increase in ticket prices will always increase revenue. D. Mary is incorrect. The increase in ticket prices will never increase revenue.