141) Of the following, the largest source of tax revenue collected by state and local governments comes
141)
from
A) sales taxes.
B) individual income taxes.
C) lottery revenues.
D) corporate income taxes.
E) death taxes.
142) The productive resource that includes all the “gifts of nature” is called
142)
A) entrepreneurship.
B) land.
C) land if undeveloped and capital if developed.
D) labor.
E) capital.
143) Households and firms in the U.S. economy interact with those in the rest of the world in the
143)
________ market and in the ________ market.
A) goods; factor
B) government; goods
C) firm; government
D) goods; financial
E) financial; factor
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144) Property taxes are a major source of revenue for
144)
A) state and local governments.
B) the federal governments.
C) firms wanting to relocate their operations.
D) consumers.
E) the federal, state, and local governments.
145) An export good is a good produced
145)
A) .png”>by foreigners in the United States and purchased by U.S. households.
B) in another country and purchased by foreigners not residing in the United States.
C) in another country and purchased by U.S. residents.
D) in the United States and sold to foreigners living in the United States.
E) in the United States and sold in other countries.
.png”>
146) As a factor of production, oil reserves are counted as
146)
A) labor.
B) capital.
C) financial capital.
D) entrepreneurship.
E) land.
147) The personal distribution of income shows
147)
A) .png”>that the richest 20 percent of households receive 23 percent of total income.
B) that labor receives the largest percentage of total income.
C) how profit accounts for the largest fraction of total income.
D) that the poorest 20 percent of households receive less than 4 percent of total income.
E) that interest accounts for most of the income of the richest 20 percent of households.
.png”>
49
148) Goods and services bought by the government account for about ________ percent of total
148)
production.
A) 17
B) 67
C) 2
D) 8
E) 35
.png”>
149) The national debt is the total amount the ________ government has borrowed to make expenditures 149) that ________ tax revenue.
A) .png”>federal; exceed
B) state and local; exceed
C) state and local; are less than
D) federal; are less than
E) federal; are equal to
150) Payments to the factors of production are
150)
A) rent, wages, profit or loss, and bonus.
B) rent, interest, bonds, and profit or loss.
C) land, labor, capital, and entrepreneurship.
D) rent, mortgage, interest, and bonds.
E) rent, wages, interest, and profit or loss.
.png”>