The Sum of Public Spending on Goods and Services and Transfer

question 16

Multiple Choice

The sum of public spending on goods and services and transfer payments during a given period cannot exceed tax revenues plus borrowed funds. This is the statement for

• A) ad valorem taxation.
• B) an excise tax.
• C) a sales tax.
• D) the government budget constraint.

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Definitions:

Sainte-Chapelle

A Gothic chapel in Paris, renowned for its stunning stained glass windows and considered a high point of the Rayonnant period of Gothic architecture.

Rayonnant

The “radiant” style of Gothic architecture, dominant in the second half of the 13th century and associated with the French royal court of Louis IX at Paris.

Flamboyant

A Late French Gothic style of architecture superseding the Rayonnant style and named for the flame-like appearance of its pointed bar tracery.

Stained Glass

The art of creating pictures or patterns using pieces of colored glass, often assembled in windows, with light passing through to produce a decorative effect.