State and Local Tax Receipts Are Dominated by

question 47

Multiple Choice

State and local tax receipts are dominated by

• A) property taxes and state income taxes.
• B) state income taxes and sales taxes.
• C) property taxes and sales taxes.
• D) sales taxes and business taxes.

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Definitions:

Economic Efficiency

A situation in which resources are optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

Brand Loyalty

The tendency of consumers to continuously purchase one brand's products over another's based on their positive experience with that brand.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Economic Efficiency

A state in which resources are optimally allocated to serve each person in the best way while minimizing waste and inefficiency.