Changes in the federal tax structure have a significant effect on state income tax collections because most states base their tax structure on the federal tax structure
a. True b. False
a
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Which of the following is the most important source of tax revenue for state governments?
A. Personal income tax B. Property taxes C. Corporate income tax D. Sales and excise taxes
The _______ rate is the interest rate at which the Fed lends ______ to commercial banks.
A. federal funds rate; deposits B. federal funds rate; reserves C. discount rate; deposits D. discount rate; reserves
Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).Recall the Application. An increase in the production of beer resulted in the demand for hops because hops are ________ to beer.
A. inputs B. completely unrelated C. complements D. substitutes