The term "fiscal federalism" refers to
a. deficit financing of government programs.
b. the power of Congress to tax and to determine how tax revenues are spent.
c. transferring money between levels of government (for example, from a state government to a local government).
d. the system under which governments ask citizens to vote on major revenue-raising measures (for example, on issues of municipal bonds).
c
You might also like to view...
Which of the following is a critique of GDP discussed in the text?
Select one: a. GDP does not account for resource depletion. b. GDP does not account for well-being. c. GDP does not include household production. d. All of the answers listed.
Suppose the price elasticity of teenagers' demand for cigarettes is 2.0. If the government imposes a tax on cigarettes that raises the price by 10 percent, by how much will it reduce teenaged smoking?
A) by 5 percent B) by 10 percent C) by 15 percent D) by 20 percent