Sales taxes generate nearly 50% of the tax revenue for state and local governments
a. True
b. False
Indicate whether the statement is true or false
False
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Modern antitrust policy began in response to
A. abuses of market power in the oil industry. B. the inability of railroads to compete effectively with the new trucking industry. C. the charge that the rights of big business were not adequately protected. D. attempts by business leaders to pack Congress with corrupt legislators.
All of the following determine the price elasticity of demand except
A. the existence of close substitutes. B. a change in the price of resources used to produce the good. C. the proportion of a? person's budget spent on the good. D. the length of the time period.
If the fiscal year begins without a budget and Congress fails to pass continuing resolution, then:
A. the president has the right to raise the debt ceiling. B. federal agencies operate on the basis of the previous year's budget. C. the interest rate paid on the national debt automatically increases. D. the federal government shuts down.
Which of the following is an act of economic "investment"?
A. A teacher deposits $500 in a retirement account. B. An entrepreneur buys 5,000 shares of stock at $5 a share and then sells the stock at a profit for $60 a share. C. A brewer purchases a new fermentation system for his beer. D. The state legislature authorizes the sale of a state park.