If a City Has an Unpaid Lease Obligation at the Beginning

question 15

Multiple Choice

If a city has an unpaid lease obligation at the beginning of its fiscal year, the journal entry in the debt service fund to record the lease payment during that fiscal year will include: 

• A) A debit to Lease Obligations Payable.
• B) A credit to Expenditures-Principal of Lease Obligation.
• C) A debit to Expenditures-Principal of Lease Obligation.
• D) A debit to Interest Expense on Leases.

Distinguish between different standards (e.g., majority vote, economic efficiency) used to evaluate economic activities.

Understand the basic principles of supply and demand and how they relate to market equilibrium.

Differentiate between elastic and inelastic demand and supply and their impacts on tax burden distribution.

Recognize the differing economic philosophies of Keynes and Hayek regarding government intervention and central planning.

---

Definitions:

Expansionists

Individuals or groups who support the expansion of their country's territory or influence, often through colonization, military conquest, or economic pressure.

War With Mexico

The Mexican-American War (1846-1848) was a conflict between the United States and Mexico, stemming from the U.S. annexation of Texas and disputes over territory.

Racism

Prejudice, discrimination, or antagonism directed against individuals of a different race based on the belief in racial superiority.