publice finance and budgeting midterm

False 6. The "nuts and bolts" of public finance and budgeting for each level of are clearly defined in the U.S. Constitution True False 7. All state and local governments focus on fiscal and monetary policies in their budgeting processes a. True b. False 8. A regressive tax is defined as one in which taxes as a percentage of income goes down, as the amount of income goes up. @ True b. False 9. Even if the property tax rate goes down, the property tax levy can increase. a. True b. False 10. Local governments, in general, depend more on sales tax revenues, than property tax revenues to conduct their business. a. True b. False