Microeconomics Chapter 16

The following are government activities that are involved in public finance, except Regulating the activities of firms in the financial sector of the economy
The circular flow model would show that government Provides goods and services to businesses and households and pays for them with net taxes
A major distinction between government purchases and government transfer payments is that Government purchases divert resources from private uses to public uses while transfer payments do not
The major sources of funds for the Federal government include the following except General sales tax
The marginal tax rate is the Increase in taxes as a percentage of an increase in income
Which of the following is the largest expenditure items of state governments Education
Which is the most important source of tax revenue for local government Property taxes
The benefits-received principle of taxation is The basis for the gasoline tax
Which of the following taxes is most likely to be regressive General sales tax
Other tunes being equal, the burden of a sales tax on a product will be borne entirely by the producer if Demand is perfectly elastic

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