State governments receive half of their tax revenue from property taxes.
Answer the following statement true (T) or false (F)
False
State governments rely heavily on sales taxes, while cities depend heavily on property taxes.
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A valid argument against redistributing income to achieve complete equality is that
a. income equality would destroy the social cohesiveness that exists among different income groupings. b. this would eliminate the monetary incentives to work and produce. c. the cost of obtaining the equality would be so deflationary as to promote economic instability. d. income equality would imply class segregation based on factors such as sex or race since income would be constant.
Both intermediate and final goods are counted as part of GDP.
Answer the following statement true (T) or false (F)
Many people fall victim to the gambler’s fallacy, even when they’re not gambling. Which of the following is an example of such a situation?
a. waiting to purchase a car until a dealership holds its annual year-end sale b. buying a puppy of the same breed as the dog you had growing up because you liked your childhood dog so much c. expecting that a couple will have a baby boy next because all their other children are girls d. driving cautiously because you have a perfect driving record that you want to maintain
Producer surplus is the:
A. amount by which the quantity supplied of a good exceeds the quantity demanded of a good. B. value of the sum of producers' willingness to sell a good plus the price of the good. C. measure of how much producers value a good. D. value of the difference between the actual selling price of a good and the price producers are willing to sell it for on the supply curve.