Give the most important source of revenue for local governments and their most important expenditure
What will be an ideal response?
The most important source of revenue for local governments is the property tax and their most important expenditure is education.
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A surplus will tend to occur at which price in Figure 4-21?
A. P1 B. P2 C. P3 D. There will be no surplus at the prices shown.
When speed boat sales rise, the city of Las Vegas takes in more revenue. The omitted common variable between these outcomes is likely to be:
A. life jacket sales. B. prices of Las Vegas flights. C. childhood obesity. D. increased disposable income.
Pietro is 40 years old and is laid off from his job at the paper plant and borrows from his savings for 8 months until he finds a new job. Pietro's
a. transitory income likely exceeds his permanent income for that year. b. borrowing is representative of a normal economic life cycle. c. permanent income is largely unaffected by this one time change to his income. d. economic mobility during this year is highly unusual, as US workers tend to stay in a particular income class.
Any asset that sellers will accept as payment is a(n)
A. unit of accounting. B. standard of deferred payment. C. medium of exchange. D. store of value.