Type of expenditure at the local level
What is the most important source of revenue and the major type of expenditure at the local level?
Expert
At the local level the most important source of revenue is, by far, property taxes. Education is by far the most important expenditure.
Briefly explain how the competitive market economy will make the needed adjustments to reestablish an efficient allocation of society’s scarce resources?
What do you understand by the term internal rate of return?
Transaction costs are decreased and economic efficiency is enhanced by: (1) long-term wage and price controls. (2) monopolies which cooperate with central planners. (3) blacklists and yellow dog contracts. (4) bureaucratic tendencies
Describe Quasi-public goods?
Illustrates the inverse relationship between price and quantity?
Illustrate the 2nd function to promote and maintain competition?
How the government can increase the overall effectiveness of the market system?
What happens in the product markets?
Elucidate Reliance on technology and capital goods of the market system?
What will be produced in all economic systems?
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