Problem
If government revenues are very elastic with respect to GDP or personal income, what would tend to happen to government revenue over the course of a business cycle? How would they track growth of income over the long term? How does that make budgeting difficult for state governments that are required to balance their budgets?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.