Fiscal federalism refers to
A. passing money from one level of government to another.
B. leaving indirect taxes to the states.
C. keeping property taxes low.
D. making all levels of government operate on a “pay as you go” basis.
Answer: A
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The public debt can be thought of as
A) the total amount the government spends for goods and services. B) the total amount consumers owe on their credit cards. C) accumulated budget deficits and surpluses. D) the total amount in taxes consumers pay to the government.
An increase in the supply of loanable funds will ___________ interest rates.
A. raise B. lower C. not effect
Recent forest fires in the western states are expected to cause the price of lumber to rise in the next six months. As a result, we can expect the supply of lumber to
a. fall in six months but not now. b. increase in six months when the price goes up. c. fall now. d. increase now to meet as much demand as possible.
By consumer sovereignty we mean that:
A. all goods and services are produced by consumers. B. consumers determine what goods and services are produced. C. businesses decide what the consumer will buy. D. government is responsible for protecting consumer interests.