Which of the following pairs represents the chief source of income and the most important type of expenditure of local governments?
A. Property tax and expenditures for highways
B. Property tax and expenditures for education
C. Sales and excise taxes and expenditures for public welfare
D. Sales and excise taxes and expenditures for police, fire, and general government
B. Property tax and expenditures for education
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An increase in the price of a firm's output will shift the firm's demand curve for labor to the right, other things being equal
a. True b. False Indicate whether the statement is true or false
If firms in competitive price-searcher markets are earning economic losses, what effect will the exit of existing firms have?
a. Demand for the product of each firm will be reduced until the losses are eliminated. b. Demand for the product of each firm will increase until all firms earn zero profit. c. Demand for the product of each firm will increase until price is greater than average total cost. d. Demand for the product of each firm will fall until price equals marginal cost.