Revenue for state and local governments is mainly sourced from:
a. personal income taxes
b. sales and property taxes.
c. corporate income taxes.
d. license fees.
b
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Which of the following best describes the substitution effect caused by a price increase?
a. A change in consumption due to the fact that you will not buy goods whose marginal value is below the new price. b. A change in consumption due to the fact that you cannot afford your original market basket. c. A smaller percentage change in quantity than in price. d. A larger percentage change in quantity than in price.
Refer to the figure above. If John spends his entire income on tables, how many tables can he purchase?
A) 8 B) 10 C) 30 D) 40
Which of the following will discourage investment
What will be an ideal response?
Which one of the following is TRUE?
A. A well-defined system of property rights benefits only the wealthy, and consequently it produces income inequality that will stifle economic growth. B. Restricting imports will enhance a country's economic growth. C. For every country that experiences an increase in its growth rate, there must be another experiencing a decline. D. Small changes in the annual growth rate amount to a measurable difference in the long-term growth trend of a country.