sales taxes property taxes income taxes and fees of various kinds:

a) provide revenue for spending by state and local government.

b) are the least used types of revenue generation used by state government.

c) fund government spending at the federal levels.

d) are exampls of implicit liabilities.

Transfer payments are payments which:\

a) which are essentially tax refund.

b) governments make to households when government receives a good or service.

c) governements make to households even of government had not received a good or service from the household.

d) erode the purchasing power of the economy.

The government has a budget deficit if:

a) its total revenues are greater than its total expenditures.

b) its total revenues are equal to its total expenditures.

c) the money supply is less than total expenditures.

d) its total revenues are less than its total expenditure.