Major type of expenditure at the state level
What is the most important source of revenue and the major type of expenditure at the state level?
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At the state level the most important sources of revenue are sales, excise, and gross receipts taxes, followed by personal income taxes. The main expenditures are for public welfare, with education running a very close second.
Adam Smith attributed unpredictable and frequent fluctuations within profits to: (i) variations in the prices of the goods a firm or person produces and sells. (ii) the bad or good fortune of rivals. (iii) the good or bad fortune of customers. (iv) tr
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In modern parlance, David Hume statement regarding money which is Tis none of the wheels of trade. And tis the oil, was referring to the notion that money: (i) is relatively costly to produce. (ii) facilitates divisions of labor and specialization and
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Adam Smith must have emphasized more strongly how his Wealth of Nations drew concepts and inspiration by Richard Cantillon’s Essai. Now today’s perspective that the Wealth of Nations would considered even
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