Efficiency and equity are synonymous.

For state and local governments, in 2011, sales taxes and property taxes made up approximately

a. 10 percent of all receipts. b. 22 percent of all receipts. c. 33 percent of all receipts. d. 43 percent of all receipts.

The purchase of $1 million of Treasury securities by the Federal Reserve, if there is no change in the quantity of currency, will cause reserves at banks to

A) increase by $1 million. B) increase by less than $1 million. C) decrease by $1 million. D) decrease by less than $1 million.