Which of the following is the most important source of tax revenue for state governments?
A. Personal income tax
B. Property taxes
C. Sales and excise taxes
D. Corporate income tax
C. Sales and excise taxes
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In the market for cell phones, all of the following would cause the supply of cell phones to change except:
A) an improvement in the technology used to produce cell phones. B) an increase in the cost of labor used to produce cell phones. C) a change in cell phone producers' expectations. D) an increase in the number of buyers in the market for cell phones.
If an individual consumes more of Good X when his/her income doubles, we can infer that
A. Good X is an inferior good. B. the demand for Good X is perfectly inelastic. C. the individual is highly sensitive to changes in the price of Good X. D. Good X is a normal good.
When Thurston catches 10 fish a day, he can gather a maximum of 40 coconuts, and when he catches 20 fish a day, he can gather a maximum of 30 coconuts. If Thurston's opportunity cost of producing each good increases as he produces more of it, and he decides to catch 30 fish a day, then the maximum number of coconuts he can gather must be:
A. greater than 10. B. equal to 20. C. greater than 20. D. less than 20.