The term "fiscal federalism" refers to
a. deficit financing of government programs.
b. the power of Congress to tax and to determine how tax revenues are spent.
c. transferring money between levels of government (for example, from a state government to a local government).
d. the system under which governments ask citizens to vote on major revenue-raising measures (for example, on issues of municipal bonds).
c
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Use the following figure to answer the next question.
If box E represents government, box C businesses, box D the resource market, and box B the product market, then government hiring of teachers, soldiers, police, and judges would be illustrated by arrows
A. 5 and 6. B. 9 and 10. C. 10 and 11. D. 7 and 8.
What is a Lorenz curve?
What will be an ideal response?
A worker's labor supply depends on, among other things, his ability, his preference for the task, and the opportunity cost of his time
a. True b. False
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost for Canada is:
A. 2 apples for each pair of shoes. B. 2 pairs of shoes for each apple. C. ½ apple for each pair of shoes. D. ½ pair of shoes for every 2 apples.