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).
Answer: C
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The real minimum wage rate
A) has generally decreased during the 1970s and 1980s and has fluctuated around a $6.50 per hour average since the mid-1980s. B) has stayed in the range between $6 and $5 (measured in 2009 dollars per hour) since 1967. C) fell after 1967 until it reached a minimum around 1985 and has generally risen since then. D) was at its highest level in 1995. E) has generally increased since 1967.
A consumer's budget line will rotate outward along the vertical axis if:
a. the price of the good on the horizontal axis decreases. b. the price of the good on the vertical axis increases. c. the price of the good on the horizontal axis increases. d. the price of the good on the vertical axis decreases.
If the government uses the budget as an economic stabilizer, the budget is most likely to be in deficit during a(n)
a. inflationary period. b. trough. c. expansion. d. peak.
When there are price ceilings, _____ tend to develop.
Fill in the blank(s) with the appropriate word(s).