Explain how the largest sources of state tax revenues differs from the largest sources of federal tax revenues
What will be an ideal response?
The two largest sources of federal tax revenues are from the personal income tax and Social Security taxes. Most state tax revenues are from sales and property taxes. There are no federal property or sales taxes. There is no state Social Security tax. And, although there are state income taxes, they do not take in as much revenue as do other state taxes.
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The economic way of thinking claims there are substitutes for
A) any good. B) most goods except non-renewable resources. C) most goods except clean air and clean water. D) most goods except wetlands and tropical rain forests.
Representative democracy works best _____
a. to allocate resources when constitutional rules limit the scope of collective action b. to equalize income when constitutional rules mandate a simple majority rule for all collective decision-making c. with a strong executive branch d. external costs of collective decision-making are extremely high
A perfectly competitive market is in equilibrium and 50,000 units are being produced. If four firms take over this market and a Cournot oligopoly is formed, what is the new total equilibrium quantity produced?
A) 50,000 B) 60,000 C) 62,500 D) 40,000
The three basic categories of resources are land, labor, and:
a. money. b. time. c. energy. d. capital.