State governments in the United States can raise revenue by all the following means except
A) increasing income taxes.
B) increasing taxes on corporate profits.
C) increasing sales taxes.
D) increasing the money supply.
D
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Different nations answer the what, how, and for whom questions differently. China, for instance, builds dams using many workers and only a little capital equipment. The United States builds dams using a few workers and a lot of capital equipment
Which economic question are these two nations answering and why do the answers differ?
Your grandfather tells you that he earned $7,000/year in his first job in 1961. You earn $35,000/year in your first job in 2016. You know that average prices have risen steadily since 1961. You earn
A) more than 5 times as much as your grandfather in terms of real income. B) less than 5 times as much as your grandfather in terms of real income. C) less than 5 times as much as your grandfather in terms of nominal income. D) 5 times as much as your grandfather in terms of real income.