State and local governments receive most of their revenue from
A. property taxes, sales and excise taxes, and Social Security contribution.
B. individual income taxes, social insurance contributions, and property taxes.
C. corporate income taxes, property taxes, and personal income taxes.
D. sales and excise taxes, revenue from the federal government, and property taxes.
Answer: D
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In long-run equilibrium under perfect competition a. price will equal minimum average fixed cost
b. firms will earn economic profits due to the existence of barriers to entry. c. the demand curve facing individual firms will fall to the level tangent to the minimum average total cost curve. d. firms will produce at the level of output where marginal revenue exceeds marginal cost by the greatest dollar amount.
Sugar price supports ensure an abundance of sugar, and hence reasonable prices for consumers
a. True b. False Indicate whether the statement is true or false
Which of the following is an implication of deflation:
(a) Savings are discouraged; (b) Exports are more expensive; (c) Reduction in business revenue; (d) Excessive wage demands.
Comparative advantage refers to the ability to produce output with fewer resources than any other country.
Answer the following statement true (T) or false (F)