State and Local Governments Receive Most of Their Revenue from

question 73

Multiple Choice

State and local governments receive most of their revenue from

• A) sales and excise taxes, revenue from the federal government, and property taxes.
• B) individual income taxes, social insurance contributions, and property taxes.
• C) corporate income taxes, property taxes, and personal income taxes.
• D) property taxes, sales and excise taxes, and Social Security contribution.

---

Definitions:

Entrepreneurial Talent

The unique set of abilities, creativity and initiative needed to identify market opportunities and create new businesses.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.

Implicit Cost

The opportunity cost equal to what a firm must give up in order to use resources that it already owns, without directly paying for them.

Leasing

A contractual arrangement where one party (the lessor) grants another party (the lessee) the right to use an asset for a specified period in return for regular payments.