The largest source of revenue for funding schools in the average US city is
a. federal income taxes
b. state income taxes
c. city property taxes
d. state and city sales taxes
Ans: c. city property taxes
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The Fed ________ influence the real interest rate in the short run and ________ influence the real interest rate in the long run
A) can; can B) cannot; can C) might be able to; might be able to D) cannot; cannot E) can; cannot
When you have an omitted variable problem, the assumption that E(ui Xi) = 0 is violated. This implies that
A) the sum of the residuals is no longer zero. B) there is another estimator called weighted least squares, which is BLUE. C) the sum of the residuals times any of the explanatory variables is no longer zero. D) the OLS estimator is no longer consistent.
A binding price floor:
A. will cause quantity demanded to exceed quantity supplied. B. will cause quantity supplied to exceed quantity demanded. C. will increase total well-being. D. will set a legal maximum price in a market.
Based on the real interest rate, who tends to benefit from unanticipated inflation in terms of borrowing and lending?
What will be an ideal response?