With respect to state finance, for most states:
A. estate taxes are the major source of revenue and most expenditures are for health
services.
B. the corporate income tax is the major source of revenue and natural resource development
is the major type of expenditure.
C. property taxes are the basic source of revenue and education is the major type of
expenditure.
D. sales and excise taxes are the major source of revenue and education is the major type of
expenditure.
Answer: D
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
The ability of employers to increase their net revenue by paying low wages is limited primarily by
A) federal and state legislation. B) the fact that net revenue is maximized when marginal revenue equals marginal cost. C) the other opportunities available to employees. D) the right of labor unions to strike.
Is it possible for a firm to have a comparative advantage in producing something without having an absolute advantage? Why or why not?
What will be an ideal response?
If a single large firm is able to produce a market’s output less expensively than many small firms is evidence that, for this market, there are
A. increasing returns to scale. B. constant returns to scale. C. decreasing returns to scale. D. regulations in place that limit production costs.