What is the major source of tax revenue for local governments?
What will be an ideal response?
Answer: property taxes
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A level of GDP cannot be at equilibrium when aggregate demand exceeds output because firms will notice that
a. inventory stocks are building up. b. inventory stocks are being depleted. c. their profits are negative. d. many of their workers have little to do.
Economic analysis suggests that gains from specialization and exchange
a. will not be realized unless a central planning authority requires that all goods be produced by the low opportunity cost supplier. b. will be realized if individuals are allowed to pursue goals that are in their own self-interest. c. will not be realized unless business firms employ economists when making decisions about the proper combination of resources to utilize in the production process. d. will be realized if individuals place the public interest above the pursuit of their own self-interest.
The "natural" rate of unemployment is the unemployment rate toward which the economy gravitates in the
a. short run, and the natural rate is constant over time. b. long run, and the natural rate is constant over time. c. short run, and the natural rate changes over time. d. long run, and the natural rate changes over time.
The long-run aggregate supply curve is vertical because
A. the production possibilities curve is vertical. B. the aggregate demand curve is downward sloping. C. a change in the level of prices will have no effect on real output in the long-run. D. technology increases at a constant rate.