For each level of government (federal, state and local) list the most important source of tax revenue
What will be an ideal response?
For the federal government, the most important source of revenue is the income tax. For state governments, the most important source of revenue is general sales taxes. For local governments, the most important source of revenue is the property tax.
Economics
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Refer to the scenario above. What is the probability of picking a red ball from the box?
A) 24.65% B) 45% C) 50% D) 64%
Economics
If the federal budget is initially balanced and government expenditures remain constant, then a decrease in GDP will
A) decrease tax revenues and create a budget surplus. B) increase tax revenues and create a budget surplus. C) decrease tax revenues and create a budget deficit. D) increase tax revenues and create a budget deficit.
Economics