1. How ao most states inance tneir capital buaget?sales or excise taxesO income and property taxeslong-term borrowing or sale of bondspersonal property or inheritance taxes8. Which of the following is the largest source of revenue for local governments?Osales taxesproperty taxesO individual income taxescorporate income taxes9. How does the concept of a balanced budget apply to state government?O Only the capital budget must be balanced.O Only the operating budget must be balanced.O Both the operating budget and the capital budget must be balanced.O Neither the operating budget nor the capital budget must be balanced. 4. What is one reason the government has only limited control of its spending?O When criteria have been set for a program there is no control of how many people will qualify.O Congress can change the number of people who qualify for a program but not how much they willreceive.O The government cannot control how much money will be spent on education in a given year.O When the government starts some programs it does not know what they will cost.5. Why are Social Security and Medicare spending expected to increase further in the nearfuture?O The amounts people receive are expected to take a big jump.O The baby boomer generation will qualify for both programs.O The people who qualify will all receive the maximum benefit.O The generation over age 85 will qualify for expensive medical programs.6. What is the major source of revenue for most state governments?sales and individual income taxesO property and gasoline taxesO alcohol and tobacco taxesObusiness income and licensing taxes

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. How ao most states inance tneir capitai buaget? sales or excise taxes O income and property taxes O long-term borrowing or sale of bonds O personal property or inheritance taxes

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. How ao most states inance tneir capital buaget?
sales or excise taxes
O income and property taxes
long-term borrowing or sale of bonds
personal property or inheritance taxes
8. Which of the following is the largest source of revenue for local governments?
Osales taxes
property taxes
O individual income taxes
corporate income taxes
9. How does the concept of a balanced budget apply to state government?
O Only the capital budget must be balanced.
O Only the operating budget must be balanced.
O Both the operating budget and the capital budget must be balanced.
O Neither the operating budget nor the capital budget must be balanced.

4. What is one reason the government has only limited control of its spending?
O When criteria have been set for a program there is no control of how many people will qualify.
O Congress can change the number of people who qualify for a program but not how much they will
receive.
O The government cannot control how much money will be spent on education in a given year.
O When the government starts some programs it does not know what they will cost.
5. Why are Social Security and Medicare spending expected to increase further in the near
future?
O The amounts people receive are expected to take a big jump.
O The baby boomer generation will qualify for both programs.
O The people who qualify will all receive the maximum benefit.
O The generation over age 85 will qualify for expensive medical programs.
6. What is the major source of revenue for most state governments?
sales and individual income taxes
O property and gasoline taxes
O alcohol and tobacco taxes
Obusiness income and licensing taxes

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