State and local governments generate revenue from all of the following sources except
a. sales taxes.
b. the federal government.
c. corporate income taxes.
d. customs duties.
d
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Refer to Scenario 17-1. Following the passage of comparable worth legislation, Unity College responds by placing salaries for all assistant professors at $80,000. Which of the following is the result of the legislation?
A) The demand for English professors decreases; the market for business professors is not affected. B) There will be a surplus in the market for English professors and the market for business professors will not be affected. C) The supply of English professors increases; the market for business professors is not affected. D) There will be a surplus in the market for English professors and a shortage in the market for business professors.
If the velocity of the M1 money supply is 4 and nominal GDP is $200 billion, the stock of money in circulation must be:
a. $25 billion. b. $50 billion. c. $100 billion. d. $800 billion.
Assume that the central bank purchases government securities in the open market. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the real GDP and current international transactions in the context of the Three-Sector-Model?
a. Real GDP rises, and current international transactions become more positive (or less negative). b. Real GDP rises, and current international transactions become more negative (or less positive). c. Real GDP and current international transactions remain the same. d. Real GDP rises, and current international transactions remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
It has been suggested by some economists that rent seeking activity often occurs within families, particularly when an inheritance is involved
Indicate whether the statement is true or false