1.

Some consider all government liabilities, including future pension payments and payments for goods and
Multiple-Choice Questions on A. Social equity requires formulating fiscal policies that are not only
Multiple-Choice Questions on B. The GFSM 2001 includes a functional classification of expense
Multiple-Choice Questions on C. Some consider all government liabilities, including future pensio
Multiple-Choice Questions on D. These principles and strategies might very well make public fina

2. As the government represents the people, government debt can be seen as an indirect debt of the taxpa
Multiple-Choice Questions on A. These data help estimate the resources a government can poten
Multiple-Choice Questions on B. This constitutes public debt.
Multiple-Choice Questions on C. For example, if many people can enjoy the same good (the mom
Multiple-Choice Questions on D. As the government represents the people, government debt can

3. The laissez-faire approach first became popular toward the middle of the 17th century, popularized espe
Multiple-Choice Questions on A. The GFSM 2001 disaggregates the general government into sub
Multiple-Choice Questions on B. Taxation in a modern government is thus needed not merely to r
Multiple-Choice Questions on C. In practice, government budgeting or public budgeting is substa
Multiple-Choice Questions on D. The laissez-faire approach first became popular toward the midd

4. The GFSM 2001 addresses the institutional complexity of government by defining various levels of gove
Multiple-Choice Questions on A. The first mention of a tax in Anglo-Saxon England dates back to
Multiple-Choice Questions on B. Public finance as a field began becoming more well-known and
Multiple-Choice Questions on C. The GFSM 2001 addresses the institutional complexity of gover
Multiple-Choice Questions on D. "[18]■■Governments, like any other legal entity, can take out lo

5. For example, if many people can enjoy the same good (the moment that good was produced and sold, i
Multiple-Choice Questions on A. Local governments can measure through such indicators the eff
Multiple-Choice Questions on B. Taxation in a modern government is thus needed not merely to r
Multiple-Choice Questions on C. For example, if many people can enjoy the same good (the mom
Multiple-Choice Questions on D. There has to be constant review and fine-tuning of the policies w

6. For example, it recommends that governments produce a full set of financial statements including the st
Multiple-Choice Questions on A. Taxation is the central part of modern public finance.
Multiple-Choice Questions on B. Following Adam Smith, several economists expanded on his ide
Multiple-Choice Questions on C. For example, it recommends that governments produce a full se
Multiple-Choice Questions on D. Seigniorage is an important source of revenue for some nationa
7. It arises from the difference between the face value of a coin or banknote and the cost of producing, dist
Multiple-Choice Questions on A. Resource generation, resource allocation, and expenditure man
Multiple-Choice Questions on B. It arises from the difference between the face value of a coin or
Multiple-Choice Questions on C. It fulfils the two following criteria:■■The GFSM 2001 framework
Multiple-Choice Questions on D. Later in the eighteenth and nineteenth century lords began havin

8. The Romans later popularized systemic bodies of law.

Multiple-Choice Questions on A. The Romans later popularized systemic bodies of law.
Multiple-Choice Questions on B. For example, it recommends that governments produce a full se
Multiple-Choice Questions on C. Resource generation, resource allocation, and expenditure man
Multiple-Choice Questions on D. There has to be constant review and fine-tuning of the policies w

9. These principles and strategies might very well make public finance one of the strongest allies for social
Multiple-Choice Questions on A. They guaranteed freedom of contract and property, as well as re
Multiple-Choice Questions on B. Social equity requires formulating fiscal policies that are not only
Multiple-Choice Questions on C. These principles and strategies might very well make public fina
Multiple-Choice Questions on D. It fulfils the two following criteria:■■The GFSM 2001 framework

10. Toward this time, public finance and interest in how governments were to utilize the money earned from
Multiple-Choice Questions on A. This underpins the importance for local governments to conside
Multiple-Choice Questions on B. It arises from the difference between the face value of a coin or
Multiple-Choice Questions on C. Toward this time, public finance and interest in how government
Multiple-Choice Questions on D. For him public projects always needed to yield a profit that woul

11. The romans employed a regressive tax system wherein the lower income levels paid higher taxes and
Multiple-Choice Questions on A. Social equality is the equivalent treatment of and opportunity for
Multiple-Choice Questions on B. The memorandum items of the balance sheet provide additional
Multiple-Choice Questions on C. The romans employed a regressive tax system wherein the lowe
Multiple-Choice Questions on D. The general government sector of a nation includes all non-priva

12. [4] Gruber suggests public finance should be thought of in terms of four central questions: ■■One of th
Multiple-Choice Questions on A. Some state-owned enterprises generated profits that helped fina
Multiple-Choice Questions on B. [4] Gruber suggests public finance should be thought of in terms
Multiple-Choice Questions on C. The GFSM 2001 provides a blueprint for the compilation, record
Multiple-Choice Questions on D. Government expenditures that are not purchases of goods and
13. Taxation might also be needed to draw away money that would otherwise go into consumption and cau
Multiple-Choice Questions on A. Government debt can be categorized as internal debt, owed to l
Multiple-Choice Questions on B. This concept is ensuring that every individual, despite their socio
Multiple-Choice Questions on C. Taxation might also be needed to draw away money that would
Multiple-Choice Questions on D. The statement of operations ("income statement") contains the

14. [13]■■Government operations are those activities involved in the running of a state or a functional equ
Multiple-Choice Questions on A. Government operations have the power to make, and the author
Multiple-Choice Questions on B. Resource generation, resource allocation, and expenditure man
Multiple-Choice Questions on C. In various mixed economies, the revenue generated by state-ow
Multiple-Choice Questions on D. [13]■■Government operations are those activities involved in th

15. [29]■■Social equity in public finance underlies the principles and practices that work toward fair distrib
Multiple-Choice Questions on A. Some consider all government liabilities, including future pensio
Multiple-Choice Questions on B. [29]■■Social equity in public finance underlies the principles an
Multiple-Choice Questions on C. Government debt can be categorized as internal debt, owed to l
Multiple-Choice Questions on D. Taxation is the central part of modern public finance.

16. Achieving social equity is challenged by limited resources, political resistance, and economic disparitie
Multiple-Choice Questions on A. In this view, public sector programs should be designed to maxim
Multiple-Choice Questions on B. Their system was tbased on two types of taxes: tributa and vect
Multiple-Choice Questions on C. Achieving social equity is challenged by limited resources, politic
Multiple-Choice Questions on D. [4] Gruber suggests public finance should be thought of in terms

17. Like the risk of default of a private corporation, sovereign risk is a function of the level of debt, its ratio t
Multiple-Choice Questions on A. Public finance is the study of the role of the government in the e
Multiple-Choice Questions on B. Government can pay for spending by borrowing (for example, w
Multiple-Choice Questions on C. Like the risk of default of a private corporation, sovereign risk is
Multiple-Choice Questions on D. The GFSM 2001 also defines some indicators of effectiveness in

18. They guaranteed freedom of contract and property, as well as reasonable price and value.
Multiple-Choice Questions on A. The GFSM 2001 includes a functional classification of expense
Multiple-Choice Questions on B. GFS can be accessible through several sources.
Multiple-Choice Questions on C. Each region had a set amount to pay which would be collected b
Multiple-Choice Questions on D. They guaranteed freedom of contract and property, as well as re
19. In more cases than not, this calls for a progressive tax system, where people of higher income bring in
Multiple-Choice Questions on A. Finally, the interest expense account is one of the necessary inp
Multiple-Choice Questions on B. These concepts can be seen in ancient greece as well, although
Multiple-Choice Questions on C. In more cases than not, this calls for a progressive tax system, w
Multiple-Choice Questions on D. [30]■■In practice, successful involvement of social equity in pub

20. Government debt can be categorized as internal debt, owed to lenders within the country, and external
Multiple-Choice Questions on A. The GFSM 2001 disaggregates the general government into sub
Multiple-Choice Questions on B. The issue of how taxes affect income distribution is closely relat
Multiple-Choice Questions on C. The following subdivisions form the subject matter of public finan
Multiple-Choice Questions on D. Government debt can be categorized as internal debt, owed to l

21. In 1550 serfs were instructed to pay another tax called za povoz, which was imposed on those who ref
Multiple-Choice Questions on A. In 1550 serfs were instructed to pay another tax called za povoz
Multiple-Choice Questions on B. Success, on the other hand, calls for involvement from the stake
Multiple-Choice Questions on C. The concept of general government does not include public corp
Multiple-Choice Questions on D. The size of governments, their institutional composition and com

22. The financial statements can provide investors with the necessary information to assess the capacity o
Multiple-Choice Questions on A. They guaranteed freedom of contract and property, as well as re
Multiple-Choice Questions on B. The financial statements can provide investors with the necessa
Multiple-Choice Questions on C. Government expenditures that are not purchases of goods and
Multiple-Choice Questions on D. Government purchases of goods and services intended to creat

23. Government purchases of goods and services for current use are classed as government consumption
Multiple-Choice Questions on A. Some consider all government liabilities, including future pensio
Multiple-Choice Questions on B. The financial statements can provide investors with the necessa
Multiple-Choice Questions on C. Government purchases of goods and services for current use ar
Multiple-Choice Questions on D. The laissez-faire attitude was especially common with Physiocra

24. Social equity is the fair, just and equitable management of all institutions serving the public directly or b
Multiple-Choice Questions on A. The core tenets of promoting social equality through public finan
Multiple-Choice Questions on B. The issue of how taxes affect income distribution is closely relat
Multiple-Choice Questions on C. Social equity is the fair, just and equitable management of all ins
Multiple-Choice Questions on D. GFS can be accessible through several sources.
25. A high level of taxation is necessary in a welfare State to fulfill its obligations.
Multiple-Choice Questions on A. On the other hand, the government was to provide financing for
Multiple-Choice Questions on B. [30]■■In practice, successful involvement of social equity in pub
Multiple-Choice Questions on C. A high level of taxation is necessary in a welfare State to fulfill it
Multiple-Choice Questions on D. Social equality is the equivalent treatment of and opportunity for

26. The existence of market failure provides an efficiency-based rationale for collective or governmental pr
Multiple-Choice Questions on A. The existence of market failure provides an efficiency-based rati
Multiple-Choice Questions on B. This food rent was not too dissimilar from the taxes imposed on
Multiple-Choice Questions on C. The balance sheet also presents a disaggregated classification
Multiple-Choice Questions on D. Following Adam Smith, several economists expanded on his ide

27. The laissez-faire attitude was especially common with Physiocrats in France (as opposed to the classic
Multiple-Choice Questions on A. [20]■■In the European System of Accounts,[21] the sector "gen
Multiple-Choice Questions on B. The laissez-faire attitude was especially common with Physiocra
Multiple-Choice Questions on C. In theory, under certain circumstances, private markets will alloc
Multiple-Choice Questions on D. The general government plus the public corporations comprise t

28. This approach is called accrual accounting, meaning that obligations are recognized when they are acq
Multiple-Choice Questions on A. Government can pay for spending by borrowing (for example, w
Multiple-Choice Questions on B. This approach is called accrual accounting, meaning that obliga
Multiple-Choice Questions on C. The laissez-faire attitude was especially common with Physiocra
Multiple-Choice Questions on D. In this view, public sector programs should be designed to maxi

29. [1] It is the branch of economics that assesses the government revenue and government expenditure o
Multiple-Choice Questions on A. [1] It is the branch of economics that assesses the government r
Multiple-Choice Questions on B. Seigniorage is an important source of revenue for some nationa
Multiple-Choice Questions on C. In various mixed economies, the revenue generated by state-ow
Multiple-Choice Questions on D. [11]■■During feudalism lacking communication led to issues wi

30. Less creditworthy countries sometimes borrow directly from commercial banks or international institutio
Multiple-Choice Questions on A. The World Bank gathers information on external debt.
Multiple-Choice Questions on B. Less creditworthy countries sometimes borrow directly from com
Multiple-Choice Questions on C. a payment exacted by legislative authority.
Multiple-Choice Questions on D. Seigniorage is the net revenue derived from the issuing of curre
31. In various mixed economies, the revenue generated by state-owned enterprises is used for various sta
Multiple-Choice Questions on A. Taxes consist of direct tax or indirect tax, and may be paid in mo
Multiple-Choice Questions on B. In various mixed economies, the revenue generated by state-ow
Multiple-Choice Questions on C. [4] Gruber suggests public finance should be thought of in terms
Multiple-Choice Questions on D. [20]■■In the European System of Accounts,[21] the sector "gen

32. [32]■■In so doing, public finance may appear as a very strong lever that guarantees social equity base
Multiple-Choice Questions on A. [32]■■In so doing, public finance may appear as a very strong l
Multiple-Choice Questions on B. These principles and strategies might very well make public fina
Multiple-Choice Questions on C. This concept is ensuring that every individual, despite their socio
Multiple-Choice Questions on D. Social equity is the fair, just and equitable management of all ins

33. Taxes could also be imposed by a subnational entity.

Multiple-Choice Questions on A. If private markets were able to provide efficient outcomes and if
Multiple-Choice Questions on B. Taxes could also be imposed by a subnational entity.
Multiple-Choice Questions on C. Their system was tbased on two types of taxes: tributa and vect
Multiple-Choice Questions on D. [31]■■Clear goals have to be set with regard to measuring soci

34. The statement of operations ("income statement") contains the revenue and expense accounts of the
Multiple-Choice Questions on A. The GFSM 2001 also defines some indicators of effectiveness in
Multiple-Choice Questions on B. The GFSM 2001 disaggregates the general government into sub
Multiple-Choice Questions on C. Additionally, in England at the time, the main taxes paid were la
Multiple-Choice Questions on D. The statement of operations ("income statement") contains the

35. The GFSM 2001 includes a functional classification of expense as defined by the Classification of Func
Multiple-Choice Questions on A. In more cases than not, this calls for a progressive tax system, w
Multiple-Choice Questions on B. Some local governments issue bonds based on their taxing auth
Multiple-Choice Questions on C. These concepts can be seen in ancient greece as well, although
Multiple-Choice Questions on D. The GFSM 2001 includes a functional classification of expense

36. One of the most pivotal works on taxation, Adam Smith’s Canons of Taxation gave further criteria for ta
Multiple-Choice Questions on A. Taxation is the central part of modern public finance.
Multiple-Choice Questions on B. One of the most pivotal works on taxation, Adam Smith’s Canon
Multiple-Choice Questions on C. This food rent was not too dissimilar from the taxes imposed on
Multiple-Choice Questions on D. On the other hand, the government was to provide financing for
37. This underpins the importance for local governments to consider social equity in their strategic planning
Multiple-Choice Questions on A. This underpins the importance for local governments to conside
Multiple-Choice Questions on B. This approach is called accrual accounting, meaning that obliga
Multiple-Choice Questions on C. The general government sector, by convention, includes all the
Multiple-Choice Questions on D. Government expenditures that are not purchases of goods and

38. Government purchases of goods and services intended to create future benefits – such as infrastructur
Multiple-Choice Questions on A. "Social security fund"[25] is a central, state or local institutional u
Multiple-Choice Questions on B. Government purchases of goods and services intended to creat
Multiple-Choice Questions on C. As the government represents the people, government debt can
Multiple-Choice Questions on D. [20]■■In the European System of Accounts,[21] the sector "gen

39. [19]■■Public finance in centrally planned economies has differed in fundamental ways from that in ma
Multiple-Choice Questions on A. [19]■■Public finance in centrally planned economies has differe
Multiple-Choice Questions on B. The GFSM 2001 provides a blueprint for the compilation, record
Multiple-Choice Questions on C. This approach is called accrual accounting, meaning that obliga
Multiple-Choice Questions on D. On the other hand, the government was to provide financing for

40. The general government sector, by convention, includes all the public corporations that are not able to
Multiple-Choice Questions on A. The proper role of government provides a starting point for the a
Multiple-Choice Questions on B. The general government sector, by convention, includes all the p
Multiple-Choice Questions on C. Macroeconomic data to support public finance economics are ge
Multiple-Choice Questions on D. Later something known as food rent was introduced, wherein re

41. Deficit finance allows governments to smooth tax burdens over time and gives governments an importa
Multiple-Choice Questions on A. Deficit finance allows governments to smooth tax burdens over t
Multiple-Choice Questions on B. In practice, government budgeting or public budgeting is substan
Multiple-Choice Questions on C. "[18]■■Governments, like any other legal entity, can take out lo
Multiple-Choice Questions on D. [14]■■Government expenditures are financed primarily in three

42. [9] Externalities, public goods, informational advantages, strong economies of scale, and network effec
Multiple-Choice Questions on A. Social equality is the equivalent treatment of and opportunity for
Multiple-Choice Questions on B. [32]■■In so doing, public finance may appear as a very strong l
Multiple-Choice Questions on C. [9] Externalities, public goods, informational advantages, strong
Multiple-Choice Questions on D. The government's balance sheet presents the level of the debt;
43. The GFSM 2001 recommends standard tables including standard fiscal indicators that meet a broad gr
Multiple-Choice Questions on A. The GFSM 2001 recommends standard tables including standar
Multiple-Choice Questions on B. One of the most pivotal works on taxation, Adam Smith’s Canon
Multiple-Choice Questions on C. The memorandum items of the balance sheet provide additional
Multiple-Choice Questions on D. Each region had a set amount to pay which would be collected b

44. The proper role of government provides a starting point for the analysis of public finance.
Multiple-Choice Questions on A. Some state-owned enterprises generated profits that helped fina
Multiple-Choice Questions on B. The general government sector, by convention, includes all the p
Multiple-Choice Questions on C. The proper role of government provides a starting point for the a
Multiple-Choice Questions on D. [31]■■Clear goals have to be set with regard to measuring soci

45. "Social security fund"[25] is a central, state or local institutional unit whose main activity is to provide so
Multiple-Choice Questions on A. For example, it recommends that governments produce a full se
Multiple-Choice Questions on B. Resource generation, resource allocation, and expenditure man
Multiple-Choice Questions on C. "Social security fund"[25] is a central, state or local institutional u
Multiple-Choice Questions on D. Other taxes depended entirely on the city and were usually temp

46. For him public projects always needed to yield a profit that would be greater to society than the individu
Multiple-Choice Questions on A. For him public projects always needed to yield a profit that would
Multiple-Choice Questions on B. Toward this time, public finance and interest in how government
Multiple-Choice Questions on C. The revenue accounts are divided into subaccounts, including th
Multiple-Choice Questions on D. These concepts can be seen in ancient greece as well, although

47. This concept is ensuring that every individual, despite their socioeconomic condition, race, gender, and
Multiple-Choice Questions on A. This concept is ensuring that every individual, despite their socio
Multiple-Choice Questions on B. "Social security fund"[25] is a central, state or local institutional u
Multiple-Choice Questions on C. It arises from the difference between the face value of a coin or
Multiple-Choice Questions on D. Governments usually borrow by issuing securities such as gove

48. Social equality is the equivalent treatment of and opportunity for members of different groups within soc
Multiple-Choice Questions on A. The issue of how taxes affect income distribution is closely relat
Multiple-Choice Questions on B. The existence of market failure provides an efficiency-based rati
Multiple-Choice Questions on C. Social equality is the equivalent treatment of and opportunity for
Multiple-Choice Questions on D. This approach is called accrual accounting, meaning that obliga
49. Other taxes depended entirely on the city and were usually temporary.
Multiple-Choice Questions on A. The World Bank gathers information on external debt.
Multiple-Choice Questions on B. Other taxes depended entirely on the city and were usually temp
Multiple-Choice Questions on C. Taxation is used as an instrument of attaining certain social obje
Multiple-Choice Questions on D. The former included the land tax and a poll tax, while the latter w

50. The general government plus the public corporations comprise the public sector (See Figure 2).
Multiple-Choice Questions on A. Its significance arises not only from the fact that it is by far the m
Multiple-Choice Questions on B. The general government plus the public corporations comprise t
Multiple-Choice Questions on C. Social equity requires formulating fiscal policies that are not only
Multiple-Choice Questions on D. This food rent was not too dissimilar from the taxes imposed on

51. The government's balance sheet presents the level of the debt; that is the government's liabilities.
Multiple-Choice Questions on A. The government's balance sheet presents the level of the debt;
Multiple-Choice Questions on B. Government purchases of goods and services intended to creat
Multiple-Choice Questions on C. Public finance, although not explicitly named, is often the subjec
Multiple-Choice Questions on D. It arises from the difference between the face value of a coin or

52. A region's inhabitants established a formal or informal entity known as the government to carry out a va
Multiple-Choice Questions on A. A region's inhabitants established a formal or informal entity kno
Multiple-Choice Questions on B. "Local government"[24] consists of all types of public administra
Multiple-Choice Questions on C. [4] Gruber suggests public finance should be thought of in terms
Multiple-Choice Questions on D. This achieved through techniques such as the "veil of ignorance

53. Governments usually borrow by issuing securities such as government bonds and bills.
Multiple-Choice Questions on A. This idea is very relevant for designing and implementing public
Multiple-Choice Questions on B. Most government budgets are calculated on a cash basis, mean
Multiple-Choice Questions on C. Governments usually borrow by issuing securities such as gove
Multiple-Choice Questions on D. In many cases, however, conditions for private market efficiency

54. "State government"[23] is defined as the separate institutional units that exercise some government fun
Multiple-Choice Questions on A. This achieved through techniques such as the "veil of ignorance
Multiple-Choice Questions on B. Other taxes depended entirely on the city and were usually temp
Multiple-Choice Questions on C. "State government"[23] is defined as the separate institutional u
Multiple-Choice Questions on D. Achieving social equity is challenged by limited resources, politic
55. Some local governments issue bonds based on their taxing authority, such as tax increment bonds or r
Multiple-Choice Questions on A. Some local governments issue bonds based on their taxing auth
Multiple-Choice Questions on B. For example, if many people can enjoy the same good (the mom
Multiple-Choice Questions on C. [29]■■Social equity in public finance underlies the principles an
Multiple-Choice Questions on D. The laissez-faire attitude was especially common with Physiocra

56. Finally, the interest expense account is one of the necessary inputs to estimate the cost of servicing the
Multiple-Choice Questions on A. On a regional level, the Organization for Economic Co-operation
Multiple-Choice Questions on B. Common measures include accessibility to quality education, he
Multiple-Choice Questions on C. Finally, the interest expense account is one of the necessary inp
Multiple-Choice Questions on D. The Romans later popularized systemic bodies of law.

57. It fulfils the two following criteria:■■The GFSM 2001 framework is similar to the financial accounting of
Multiple-Choice Questions on A. For example, it recommends that governments produce a full se
Multiple-Choice Questions on B. Local governments may, in this way, bring equity by being able t
Multiple-Choice Questions on C. It fulfils the two following criteria:■■The GFSM 2001 framework
Multiple-Choice Questions on D. GFS can be accessible through several sources.

58. In theory, under certain circumstances, private markets will allocate goods and services among individu
Multiple-Choice Questions on A. They guaranteed freedom of contract and property, as well as re
Multiple-Choice Questions on B. In theory, under certain circumstances, private markets will alloc
Multiple-Choice Questions on C. [10]■■Although public finance only began to be viewed as a bo
Multiple-Choice Questions on D. The issue of how taxes affect income distribution is closely relat

59. Deficits can also narrow the options of successor governments.

Multiple-Choice Questions on A. Deficits can also narrow the options of successor governments.
Multiple-Choice Questions on B. Some state-owned enterprises generated profits that helped fina
Multiple-Choice Questions on C. [20]■■In the European System of Accounts,[21] the sector "gen
Multiple-Choice Questions on D. Social equality is the equivalent treatment of and opportunity for

60. It is consistent with regionally accepted methodologies such as the European System of Accounts 1995
Multiple-Choice Questions on A. The general government sector, by convention, includes all the p
Multiple-Choice Questions on B. [31]■■Clear goals have to be set with regard to measuring soci
Multiple-Choice Questions on C. It is consistent with regionally accepted methodologies such as
Multiple-Choice Questions on D. The GFSM 2001 disaggregates the general government into sub
61. Taxation is used as an instrument of attaining certain social objectives, i.e., as a means of redistribution
Multiple-Choice Questions on A. There has to be constant review and fine-tuning of the policies w
Multiple-Choice Questions on B. The memorandum items of the balance sheet provide additional
Multiple-Choice Questions on C. Taxation is used as an instrument of attaining certain social obje
Multiple-Choice Questions on D. The general government sector, by convention, includes all the

62. [15] The main objective of taxation is raising revenue.

Multiple-Choice Questions on A. [15] The main objective of taxation is raising revenue.
Multiple-Choice Questions on B. Government debt (also known as public debt or national debt) is
Multiple-Choice Questions on C. Under this experiment, decision-makers would ideally create sys
Multiple-Choice Questions on D. [30]■■In practice, successful involvement of social equity in pub

63. "[17] A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to l
Multiple-Choice Questions on A. These data help estimate the resources a government can poten
Multiple-Choice Questions on B. In theory, under certain circumstances, private markets will alloc
Multiple-Choice Questions on C. "[17] A tax "is not a voluntary payment or donation, but an enfor
Multiple-Choice Questions on D. The statement of operations ("income statement") contains the

64. Success, on the other hand, calls for involvement from the stakeholders and effective governance that
Multiple-Choice Questions on A. Success, on the other hand, calls for involvement from the stake
Multiple-Choice Questions on B. Seigniorage is the net revenue derived from the issuing of curre
Multiple-Choice Questions on C. Macroeconomic data to support public finance economics are ge
Multiple-Choice Questions on D. This idea is very relevant for designing and implementing public

65. GFS can be accessible through several sources.

Multiple-Choice Questions on A. This idea is very relevant for designing and implementing public
Multiple-Choice Questions on B. GFS can be accessible through several sources.
Multiple-Choice Questions on C. The first mention of a tax in Anglo-Saxon England dates back to
Multiple-Choice Questions on D. For example, if many people can enjoy the same good (the mom

66. Under this experiment, decision-makers would ideally create systems that they would deem fair regard
Multiple-Choice Questions on A. Under this experiment, decision-makers would ideally create sys
Multiple-Choice Questions on B. "State government"[23] is defined as the separate institutional u
Multiple-Choice Questions on C. Their system was tbased on two types of taxes: tributa and vect
Multiple-Choice Questions on D. The memorandum items of the balance sheet provide additional
67. The size of governments, their institutional composition and complexity, their ability to carry out large a
Multiple-Choice Questions on A. The size of governments, their institutional composition and com
Multiple-Choice Questions on B. They also developed a well-maintained system of roads and col
Multiple-Choice Questions on C. Taxation in a modern government is thus needed not merely to
Multiple-Choice Questions on D. Seigniorage is the net revenue derived from the issuing of curre

68. This constitutes public debt.

Multiple-Choice Questions on A. This functional classification allows policy makers to analyze exp
Multiple-Choice Questions on B. The former included the land tax and a poll tax, while the latter w
Multiple-Choice Questions on C. The proper role of government provides a starting point for the a
Multiple-Choice Questions on D. This constitutes public debt.

69. The memorandum items of the balance sheet provide additional information on the debt including its m
Multiple-Choice Questions on A. The general government sector of a nation includes all non-priva
Multiple-Choice Questions on B. In theory, under certain circumstances, private markets will alloc
Multiple-Choice Questions on C. Economists classify government expenditures into three main ty
Multiple-Choice Questions on D. The memorandum items of the balance sheet provide additional

70. The accumulation of deficits over time is the total public debt.
Multiple-Choice Questions on A. The accumulation of deficits over time is the total public debt.
Multiple-Choice Questions on B. In more cases than not, this calls for a progressive tax system, w
Multiple-Choice Questions on C. These principles and strategies might very well make public fina
Multiple-Choice Questions on D. The financial statements can provide investors with the necessa

71. Macroeconomic data to support public finance economics are generally referred to as fiscal or governm
Multiple-Choice Questions on A. The Government Finance Statistics Manual 2001 (GFSM 2001)
Multiple-Choice Questions on B. As the government represents the people, government debt can
Multiple-Choice Questions on C. Macroeconomic data to support public finance economics are ge
Multiple-Choice Questions on D. [12]■■Collection of sufficient resources from the economy in an

72. This functional classification allows policy makers to analyze expenditures on categories such as health
Multiple-Choice Questions on A. This functional classification allows policy makers to analyze exp
Multiple-Choice Questions on B. Government can pay for spending by borrowing (for example, w
Multiple-Choice Questions on C. It arises from the difference between the face value of a coin or
Multiple-Choice Questions on D. [29]■■Social equity in public finance underlies the principles an
73. Some state-owned enterprises generated profits that helped finance government activities..
Multiple-Choice Questions on A. Some state-owned enterprises generated profits that helped fina
Multiple-Choice Questions on B. It is an improvement on the prior methodology – Government Fin
Multiple-Choice Questions on C. Achieving social equity is challenged by limited resources, politic
Multiple-Choice Questions on D. The GFSM 2001 disaggregates the general government into sub

74. The main focus of the GFSM 2001 is the general government sector defined as the group of entities ca
Multiple-Choice Questions on A. In various mixed economies, the revenue generated by state-ow
Multiple-Choice Questions on B. The main focus of the GFSM 2001 is the general government se
Multiple-Choice Questions on C. The issue of how taxes affect income distribution is closely relat
Multiple-Choice Questions on D. A deficit is the difference between government spending and rev

75. National defense is one example of non-rival consumption, or of a public good.

Multiple-Choice Questions on A. The former included the land tax and a poll tax, while the latter w
Multiple-Choice Questions on B. National defense is one example of non-rival consumption, or of
Multiple-Choice Questions on C. The Romans later popularized systemic bodies of law.
Multiple-Choice Questions on D. The GFSM 2001 disaggregates the general government into sub

76. There is also a difference between public and private finance, in public finance the source of income is
Multiple-Choice Questions on A. There is also a difference between public and private finance, in
Multiple-Choice Questions on B. The financial statements can provide investors with the necessa
Multiple-Choice Questions on C. Its significance arises not only from the fact that it is by far the m
Multiple-Choice Questions on D. [19]■■Public finance in centrally planned economies has differe

77. Taxation was organized based on what "men spend" in hopes of encouraging investment and savings.
Multiple-Choice Questions on A. Economists classify government expenditures into three main ty
Multiple-Choice Questions on B. Taxation was organized based on what "men spend" in hopes o
Multiple-Choice Questions on C. National defense is one example of non-rival consumption, or of
Multiple-Choice Questions on D. Public finance research also analyzes effects of the various type

78. If private markets were able to provide efficient outcomes and if the distribution of income were socially
Multiple-Choice Questions on A. The issue of how taxes affect income distribution is closely relat
Multiple-Choice Questions on B. Later something known as food rent was introduced, wherein re
Multiple-Choice Questions on C. Government purchases of goods and services intended to creat
Multiple-Choice Questions on D. If private markets were able to provide efficient outcomes and if
79. Public finance research also analyzes effects of the various types of taxes and types of borrowing as w
Multiple-Choice Questions on A. He first proposed the idea of a public good, as he believed that a
Multiple-Choice Questions on B. There is also a difference between public and private finance, in
Multiple-Choice Questions on C. Public finance research also analyzes effects of the various type
Multiple-Choice Questions on D. [19]■■Public finance in centrally planned economies has differe

80. Seigniorage is the net revenue derived from the issuing of currency.
Multiple-Choice Questions on A. Seigniorage is the net revenue derived from the issuing of curre
Multiple-Choice Questions on B. On a regional level, the Organization for Economic Co-operation
Multiple-Choice Questions on C. Its significance arises not only from the fact that it is by far the m
Multiple-Choice Questions on D. [2] ■The purview of public finance is considered to be threefold,

81. The Government Finance Statistics Manual 2001 (GFSM 2001) is the internationally accepted methodo
Multiple-Choice Questions on A. There is also a difference between public and private finance, in
Multiple-Choice Questions on B. [31]■■Clear goals have to be set with regard to measuring soci
Multiple-Choice Questions on C. The Government Finance Statistics Manual 2001 (GFSM 2001)
Multiple-Choice Questions on D. In 1550 serfs were instructed to pay another tax called za povoz

82. [10]■■Although public finance only began to be viewed as a body of knowledge no more than a centur
Multiple-Choice Questions on A. [15] The main objective of taxation is raising revenue.
Multiple-Choice Questions on B. Economists classify government expenditures into three main ty
Multiple-Choice Questions on C. [10]■■Although public finance only began to be viewed as a bo
Multiple-Choice Questions on D. In 1550 serfs were instructed to pay another tax called za povoz

83. Government debt (also known as public debt or national debt) is money (or credit) owed by any level o
Multiple-Choice Questions on A. It is an improvement on the prior methodology – Government Fin
Multiple-Choice Questions on B. Government debt (also known as public debt or national debt) is
Multiple-Choice Questions on C. In more cases than not, this calls for a progressive tax system, w
Multiple-Choice Questions on D. They maintained a "laissez-faire, laisser-passer" attitude, with o

84. Government can pay for spending by borrowing (for example, with government bonds), although borrow
Multiple-Choice Questions on A. The main focus of the GFSM 2001 is the general government se
Multiple-Choice Questions on B. Additionally, in England at the time, the main taxes paid were lan
Multiple-Choice Questions on C. Social equality is the equivalent treatment of and opportunity for
Multiple-Choice Questions on D. Government can pay for spending by borrowing (for example, w
85. A tax may be defined as a "pecuniary burden laid upon individuals or property to support the governme
Multiple-Choice Questions on A. A tax may be defined as a "pecuniary burden laid upon individua
Multiple-Choice Questions on B. Greek economic development as per the governmental duties e
Multiple-Choice Questions on C. [12]■■Collection of sufficient resources from the economy in an
Multiple-Choice Questions on D. Taxes could also be imposed by a subnational entity.

86. Public provision via a government or a voluntary association, however, is subject to other inefficiencies
Multiple-Choice Questions on A. Public finance, although not explicitly named, is often the subjec
Multiple-Choice Questions on B. There has to be constant review and fine-tuning of the policies w
Multiple-Choice Questions on C. Public provision via a government or a voluntary association, ho
Multiple-Choice Questions on D. Adam Smith also advocated for the laissez-faire attitude, but als

87. These concepts can be seen in ancient greece as well, although it was split into two categories there: o
Multiple-Choice Questions on A. These concepts can be seen in ancient greece as well, although
Multiple-Choice Questions on B. On the other hand, the government was to provide financing for
Multiple-Choice Questions on C. Economists classify government expenditures into three main ty
Multiple-Choice Questions on D. It arises from the difference between the face value of a coin or

88. Since the government was meant to take care of those who would otherwise turn to charity or crime by
Multiple-Choice Questions on A. This underpins the importance for local governments to conside
Multiple-Choice Questions on B. Since the government was meant to take care of those who wou
Multiple-Choice Questions on C. Their system was tbased on two types of taxes: tributa and vect
Multiple-Choice Questions on D. Seigniorage is an important source of revenue for some nationa

89. [11]■■During feudalism lacking communication led to issues with pre-existing tax systems.
Multiple-Choice Questions on A. Social equity is the fair, just and equitable management of all ins
Multiple-Choice Questions on B. Adam Smith also advocated for the laissez-faire attitude, but als
Multiple-Choice Questions on C. Finally, the interest expense account is one of the necessary inp
Multiple-Choice Questions on D. [11]■■During feudalism lacking communication led to issues wi

90. The revenue accounts are divided into subaccounts, including the different types of taxes, social contri
Multiple-Choice Questions on A. The revenue accounts are divided into subaccounts, including th
Multiple-Choice Questions on B. In various mixed economies, the revenue generated by state-ow
Multiple-Choice Questions on C. It arises from the difference between the face value of a coin or
Multiple-Choice Questions on D. This approach is called accrual accounting, meaning that obliga
91. There has to be constant review and fine-tuning of the policies with full commitment to fairness in the d
Multiple-Choice Questions on A. It fulfils the two following criteria:■■The GFSM 2001 framework
Multiple-Choice Questions on B. There has to be constant review and fine-tuning of the policies w
Multiple-Choice Questions on C. [30]■■In practice, successful involvement of social equity in pub
Multiple-Choice Questions on D. The existence of market failure provides an efficiency-based rat

92. Public finance is the study of the role of the government in the economy.
Multiple-Choice Questions on A. Taxes could also be imposed by a subnational entity.
Multiple-Choice Questions on B. Public finance is the study of the role of the government in the e
Multiple-Choice Questions on C. This food rent was not too dissimilar from the taxes imposed on
Multiple-Choice Questions on D. Governments usually borrow by issuing securities such as gove

93. Most government budgets are calculated on a cash basis, meaning that revenues are recognized when
Multiple-Choice Questions on A. In various mixed economies, the revenue generated by state-ow
Multiple-Choice Questions on B. [11]■■During feudalism lacking communication led to issues wi
Multiple-Choice Questions on C. Most government budgets are calculated on a cash basis, mean
Multiple-Choice Questions on D. Under this experiment, decision-makers would ideally create sys

94. [26]■■Social fairness includes the equal access of the various groups forming society to the financial r
Multiple-Choice Questions on A. This functional classification allows policy makers to analyze exp
Multiple-Choice Questions on B. [26]■■Social fairness includes the equal access of the various g
Multiple-Choice Questions on C. Local governments can measure through such indicators the eff
Multiple-Choice Questions on D. It arises from the difference between the face value of a coin or

95. Taxes consist of direct tax or indirect tax, and may be paid in money or as corvée labor.
Multiple-Choice Questions on A. The existence of market failure provides an efficiency-based rati
Multiple-Choice Questions on B. Taxes consist of direct tax or indirect tax, and may be paid in mo
Multiple-Choice Questions on C. It arises from the difference between the face value of a coin or
Multiple-Choice Questions on D. The proper role of government provides a starting point for the a

96. Following Adam Smith, several economists expanded on his ideas, or transformed them as in the case
Multiple-Choice Questions on A. On a regional level, the Organization for Economic Co-operation
Multiple-Choice Questions on B. [31]■■Clear goals have to be set with regard to measuring soci
Multiple-Choice Questions on C. Following Adam Smith, several economists expanded on his ide
Multiple-Choice Questions on D. One of the most pivotal works on taxation, Adam Smith’s Canon
97. [31]■■Clear goals have to be set with regard to measuring social equity and also relevant metrics.
Multiple-Choice Questions on A. The general government plus the public corporations comprise t
Multiple-Choice Questions on B. [13]■■Government operations are those activities involved in th
Multiple-Choice Questions on C. Like the risk of default of a private corporation, sovereign risk is
Multiple-Choice Questions on D. [31]■■Clear goals have to be set with regard to measuring soci

98. Additionally, in England at the time, the main taxes paid were land taxes, a tax that was collected in ord
Multiple-Choice Questions on A. The GFSM 2001 addresses the institutional complexity of gover
Multiple-Choice Questions on B. Additionally, in England at the time, the main taxes paid were lan
Multiple-Choice Questions on C. "[18]■■Governments, like any other legal entity, can take out lo
Multiple-Choice Questions on D. Later something known as food rent was introduced, wherein re

99. These taxes were used among other things to fund the military, establish trade routes, and fund the cu
Multiple-Choice Questions on A. a payment exacted by legislative authority.
Multiple-Choice Questions on B. Taxes consist of direct tax or indirect tax, and may be paid in mo
Multiple-Choice Questions on C. These taxes were used among other things to fund the military,
Multiple-Choice Questions on D. The GFSM 2001 provides a blueprint for the compilation, record

100. Economists classify government expenditures into three main types.

Multiple-Choice Questions on A. Economists classify government expenditures into three main ty
Multiple-Choice Questions on B. [12]■■Collection of sufficient resources from the economy in an
Multiple-Choice Questions on C. In more cases than not, this calls for a progressive tax system, w
Multiple-Choice Questions on D. Public finance, although not explicitly named, is often the subjec

101. Who paid taxes was determined by local officials.

Multiple-Choice Questions on A. Who paid taxes was determined by local officials.
Multiple-Choice Questions on B. For him public projects always needed to yield a profit that would
Multiple-Choice Questions on C. The government's financial statements contain the relevant infor
Multiple-Choice Questions on D. In this view, public sector programs should be designed to maxi

102. [2] ■The purview of public finance is considered to be threefold, consisting of governmental effects on
Multiple-Choice Questions on A. [2] ■The purview of public finance is considered to be threefold,
Multiple-Choice Questions on B. Local governments can measure through such indicators the eff
Multiple-Choice Questions on C. This functional classification allows policy makers to analyze exp
Multiple-Choice Questions on D. These data help estimate the resources a government can pote
103. Government expenditures that are not purchases of goods and services, and instead just represent tr
Multiple-Choice Questions on A. A region's inhabitants established a formal or informal entity kno
Multiple-Choice Questions on B. The existence of market failure provides an efficiency-based rati
Multiple-Choice Questions on C. Who paid taxes was determined by local officials.
Multiple-Choice Questions on D. Government expenditures that are not purchases of goods and

104. Social equity requires formulating fiscal policies that are not only fair but also inclusive across all grou
Multiple-Choice Questions on A. Government purchases of goods and services for current use ar
Multiple-Choice Questions on B. Social equity requires formulating fiscal policies that are not only
Multiple-Choice Questions on C. "Social security fund"[25] is a central, state or local institutional u
Multiple-Choice Questions on D. The core tenets of promoting social equality through public finan

105. The balance sheet also presents a disaggregated classification of financial and non-financial assets.
Multiple-Choice Questions on A. Deficits can also narrow the options of successor governments.
Multiple-Choice Questions on B. The balance sheet also presents a disaggregated classification
Multiple-Choice Questions on C. If private markets were able to provide efficient outcomes and if
Multiple-Choice Questions on D. Government finance statistics should offer data for topics such a

106. They also developed a well-maintained system of roads and colonies which led to one of the first real
Multiple-Choice Questions on A. Public finance as a field began becoming more well-known and
Multiple-Choice Questions on B. A tax may be defined as a "pecuniary burden laid upon individua
Multiple-Choice Questions on C. They also developed a well-maintained system of roads and col
Multiple-Choice Questions on D. Their system was tbased on two types of taxes: tributa and vect

107. The government's financial statements contain the relevant information for this analysis.
Multiple-Choice Questions on A. The government's financial statements contain the relevant infor
Multiple-Choice Questions on B. Public finance research also analyzes effects of the various type
Multiple-Choice Questions on C. The government's balance sheet presents the level of the debt;
Multiple-Choice Questions on D. [2] ■The purview of public finance is considered to be threefold,

108. Overcoming them calls for transparent policymaking, antidiscrimination laws, and region-specific polic
Multiple-Choice Questions on A. Taxation was organized based on what "men spend" in hopes o
Multiple-Choice Questions on B. [10]■■Although public finance only began to be viewed as a bo
Multiple-Choice Questions on C. Overcoming them calls for transparent policymaking, antidiscrim
Multiple-Choice Questions on D. The Romans later popularized systemic bodies of law.
109. Later something known as food rent was introduced, wherein regions would pay acertain amount of th
Multiple-Choice Questions on A. For example, it recommends that governments produce a full se
Multiple-Choice Questions on B. Government expenditures that are not purchases of goods and s
Multiple-Choice Questions on C. Government debt (also known as public debt or national debt) is
Multiple-Choice Questions on D. Later something known as food rent was introduced, wherein re

110. They maintained a "laissez-faire, laisser-passer" attitude, with one of the central ideas being that the g
Multiple-Choice Questions on A. Two other similarities between the GFSM 2001 and business fin
Multiple-Choice Questions on B. [31]■■Clear goals have to be set with regard to measuring soci
Multiple-Choice Questions on C. They maintained a "laissez-faire, laisser-passer" attitude, with o
Multiple-Choice Questions on D. A deficit is the difference between government spending and rev

111. Public finance, although not explicitly named, is often the subject of much of political philosophy.
Multiple-Choice Questions on A. Public finance, although not explicitly named, is often the subjec
Multiple-Choice Questions on B. Government purchases of goods and services for current use ar
Multiple-Choice Questions on C. [4] Gruber suggests public finance should be thought of in terms
Multiple-Choice Questions on D. "[17] A tax "is not a voluntary payment or donation, but an enfor

112. The issue of how taxes affect income distribution is closely related to tax incidence, which examines t
Multiple-Choice Questions on A. In various mixed economies, the revenue generated by state-ow
Multiple-Choice Questions on B. The issue of how taxes affect income distribution is closely relat
Multiple-Choice Questions on C. Taxation is the central part of modern public finance.
Multiple-Choice Questions on D. The government's balance sheet presents the level of the debt;

113. In this view, public sector programs should be designed to maximize social benefits minus costs (cost
Multiple-Choice Questions on A. In this view, public sector programs should be designed to maxim
Multiple-Choice Questions on B. The World Bank gathers information on external debt.
Multiple-Choice Questions on C. The GFSM 2001 provides a blueprint for the compilation, record
Multiple-Choice Questions on D. He first proposed the idea of a public good, as he believed that a

114. Local governments can measure through such indicators the efficiency of their efforts and performanc
Multiple-Choice Questions on A. Additionally, in England at the time, the main taxes paid were lan
Multiple-Choice Questions on B. Each region had a set amount to pay which would be collected b
Multiple-Choice Questions on C. Local governments can measure through such indicators the eff
Multiple-Choice Questions on D. The general government plus the public corporations comprise t
115. This achieved through techniques such as the "veil of ignorance," which would be applied to make su
Multiple-Choice Questions on A. The concept of general government does not include public corp
Multiple-Choice Questions on B. For example, if many people can enjoy the same good (the mom
Multiple-Choice Questions on C. This achieved through techniques such as the "veil of ignorance
Multiple-Choice Questions on D. Two other similarities between the GFSM 2001 and business fin

116. The concept of general government does not include public corporations.
Multiple-Choice Questions on A. The concept of general government does not include public corp
Multiple-Choice Questions on B. These concepts can be seen in ancient greece as well, although
Multiple-Choice Questions on C. Following Adam Smith, several economists expanded on his ide
Multiple-Choice Questions on D. The GFSM 2001 disaggregates the general government into sub

117. Adam Smith also maintained that a government should maintain a properly regulated money flow and
Multiple-Choice Questions on A. Adam Smith also maintained that a government should maintain
Multiple-Choice Questions on B. For example, it recommends that governments produce a full se
Multiple-Choice Questions on C. The Romans later popularized systemic bodies of law.
Multiple-Choice Questions on D. [16]■■A tax is a financial charge or other levy imposed on an in

118. [30]■■In practice, successful involvement of social equity in public finance often requires a focus on s
Multiple-Choice Questions on A. [30]■■In practice, successful involvement of social equity in pub
Multiple-Choice Questions on B. Government finance statistics should offer data for topics such a
Multiple-Choice Questions on C. These data help estimate the resources a government can pote
Multiple-Choice Questions on D. The general government plus the public corporations comprise t

119. [16]■■A tax is a financial charge or other levy imposed on an individual or a legal entity by a state or
Multiple-Choice Questions on A. In practice, government budgeting or public budgeting is substan
Multiple-Choice Questions on B. The former included the land tax and a poll tax, while the latter w
Multiple-Choice Questions on C. [16]■■A tax is a financial charge or other levy imposed on an in
Multiple-Choice Questions on D. This constitutes public debt.

120. These data help estimate the resources a government can potentially access to repay its debt.
Multiple-Choice Questions on A. Government operations have the power to make, and the author
Multiple-Choice Questions on B. The Government Finance Statistics Manual 2001 (GFSM 2001)
Multiple-Choice Questions on C. These data help estimate the resources a government can pote
Multiple-Choice Questions on D. For example, if many people can enjoy the same good (the mom
121. This idea is very relevant for designing and implementing public policies, notably towards issues such
Multiple-Choice Questions on A. It is consistent with regionally accepted methodologies such as t
Multiple-Choice Questions on B. This idea is very relevant for designing and implementing public
Multiple-Choice Questions on C. Each region had a set amount to pay which would be collected b
Multiple-Choice Questions on D. These principles and strategies might very well make public fina

122. whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supp
Multiple-Choice Questions on A. whether under the name of toll, tribute, tallage, gabel, impost, du
Multiple-Choice Questions on B. Common measures include accessibility to quality education, he
Multiple-Choice Questions on C. Seigniorage is an important source of revenue for some nationa
Multiple-Choice Questions on D. This underpins the importance for local governments to conside

123. Later in the eighteenth and nineteenth century lords began having to pay a per capita tax for each of t
Multiple-Choice Questions on A. The former included the land tax and a poll tax, while the latter w
Multiple-Choice Questions on B. In theory, under certain circumstances, private markets will alloc
Multiple-Choice Questions on C. Later in the eighteenth and nineteenth century lords began havin
Multiple-Choice Questions on D. The Romans later popularized systemic bodies of law.

124. Resource generation, resource allocation, and expenditure management (resource utilization) are the
Multiple-Choice Questions on A. "Local government"[24] consists of all types of public administra
Multiple-Choice Questions on B. Resource generation, resource allocation, and expenditure man
Multiple-Choice Questions on C. [14]■■Government expenditures are financed primarily in three
Multiple-Choice Questions on D. In more cases than not, this calls for a progressive tax system, w

125. Taxation is the central part of modern public finance.

Multiple-Choice Questions on A. Following Adam Smith, several economists expanded on his ide
Multiple-Choice Questions on B. Governments usually borrow by issuing securities such as gove
Multiple-Choice Questions on C. This constitutes public debt.
Multiple-Choice Questions on D. Taxation is the central part of modern public finance.

126. "[18]■■Governments, like any other legal entity, can take out loans, issue bonds, and make financial
Multiple-Choice Questions on A. Adam Smith also maintained that a government should maintain
Multiple-Choice Questions on B. The Romans later popularized systemic bodies of law.
Multiple-Choice Questions on C. Government operations have the power to make, and the autho
Multiple-Choice Questions on D. "[18]■■Governments, like any other legal entity, can take out lo
127. Their system was tbased on two types of taxes: tributa and vectigalia.
Multiple-Choice Questions on A. It is an improvement on the prior methodology – Government Fin
Multiple-Choice Questions on B. [11]■■During feudalism lacking communication led to issues wi
Multiple-Choice Questions on C. The size of governments, their institutional composition and com
Multiple-Choice Questions on D. Their system was tbased on two types of taxes: tributa and vect

128. In practice, government budgeting or public budgeting is substantially more complicated and often res
Multiple-Choice Questions on A. Taxation is used as an instrument of attaining certain social obje
Multiple-Choice Questions on B. This constitutes public debt.
Multiple-Choice Questions on C. [13]■■Government operations are those activities involved in th
Multiple-Choice Questions on D. In practice, government budgeting or public budgeting is substa

129. Common measures include accessibility to quality education, health outcomes from healthcare, and w
Multiple-Choice Questions on A. Common measures include accessibility to quality education, he
Multiple-Choice Questions on B. The GFSM 2001 disaggregates the general government into sub
Multiple-Choice Questions on C. In theory, under certain circumstances, private markets will alloc
Multiple-Choice Questions on D. Its significance arises not only from the fact that it is by far the m

130. a payment exacted by legislative authority.

Multiple-Choice Questions on A. This approach is called accrual accounting, meaning that obliga
Multiple-Choice Questions on B. This functional classification allows policy makers to analyze exp
Multiple-Choice Questions on C. a payment exacted by legislative authority.
Multiple-Choice Questions on D. [13]■■Government operations are those activities involved in th

131. Local governments may, in this way, bring equity by being able to customize public services and even
Multiple-Choice Questions on A. Local governments may, in this way, bring equity by being able t
Multiple-Choice Questions on B. This idea is very relevant for designing and implementing public
Multiple-Choice Questions on C. The statement of operations ("income statement") contains the
Multiple-Choice Questions on D. The concept of general government does not include public corp

132. Government operations have the power to make, and the authority to enforce rules and laws within a
Multiple-Choice Questions on A. Who paid taxes was determined by local officials.
Multiple-Choice Questions on B. In more cases than not, this calls for a progressive tax system, w
Multiple-Choice Questions on C. Some state-owned enterprises generated profits that helped fina
Multiple-Choice Questions on D. Government operations have the power to make, and the autho
133. He first proposed the idea of a public good, as he believed that a good could provide a value to societ
Multiple-Choice Questions on A. He first proposed the idea of a public good, as he believed that a
Multiple-Choice Questions on B. The general government sector, by convention, includes all the p
Multiple-Choice Questions on C. In theory, under certain circumstances, private markets will alloc
Multiple-Choice Questions on D. Resource generation, resource allocation, and expenditure man

134. [20]■■In the European System of Accounts,[21] the sector "general government" has been defined a
Multiple-Choice Questions on A. Less creditworthy countries sometimes borrow directly from com
Multiple-Choice Questions on B. [2] ■The purview of public finance is considered to be threefold,
Multiple-Choice Questions on C. The general government sector of a nation includes all non-priva
Multiple-Choice Questions on D. [20]■■In the European System of Accounts,[21] the sector "gen

135. The GFSM 2001 disaggregates the general government into subsectors: central government, state go
Multiple-Choice Questions on A. It arises from the difference between the face value of a coin or
Multiple-Choice Questions on B. [32]■■In so doing, public finance may appear as a very strong l
Multiple-Choice Questions on C. This food rent was not too dissimilar from the taxes imposed on
Multiple-Choice Questions on D. The GFSM 2001 disaggregates the general government into sub

136. Under broad assumptions, government decisions about the efficient scope and level of activities can b
Multiple-Choice Questions on A. The first mention of a tax in Anglo-Saxon England dates back to
Multiple-Choice Questions on B. Deficits can also narrow the options of successor governments.
Multiple-Choice Questions on C. "[18]■■Governments, like any other legal entity, can take out lo
Multiple-Choice Questions on D. Under broad assumptions, government decisions about the effic

137. The GFSM 2001 provides a blueprint for the compilation, recording, and presentation of revenues, ex
Multiple-Choice Questions on A. The GFSM 2001 provides a blueprint for the compilation, record
Multiple-Choice Questions on B. Later in the eighteenth and nineteenth century lords began havin
Multiple-Choice Questions on C. Public provision via a government or a voluntary association, ho
Multiple-Choice Questions on D. [9] Externalities, public goods, informational advantages, strong

138. Seigniorage is an important source of revenue for some national banks, although it provides a very sm
Multiple-Choice Questions on A. [30]■■In practice, successful involvement of social equity in pub
Multiple-Choice Questions on B. They guaranteed freedom of contract and property, as well as re
Multiple-Choice Questions on C. Seigniorage is an important source of revenue for some nationa
Multiple-Choice Questions on D. Deficits can also narrow the options of successor governments.
139. On a regional level, the Organization for Economic Co-operation and Development (Dibidami ) compil
Multiple-Choice Questions on A. [11]■■During feudalism lacking communication led to issues wi
Multiple-Choice Questions on B. On a regional level, the Organization for Economic Co-operation
Multiple-Choice Questions on C. Public finance as a field began becoming more well-known and
Multiple-Choice Questions on D. GFS can be accessible through several sources.

140. [14]■■Government expenditures are financed primarily in three ways:■■How a government chooses
Multiple-Choice Questions on A. [13]■■Government operations are those activities involved in th
Multiple-Choice Questions on B. The GFSM 2001 recommends standard tables including standar
Multiple-Choice Questions on C. [14]■■Government expenditures are financed primarily in three
Multiple-Choice Questions on D. [12]■■Collection of sufficient resources from the economy in an

141. [8]■■"Market failure" occurs when private markets do not allocate goods or services efficiently.
Multiple-Choice Questions on A. The general government sector, by convention, includes all the p
Multiple-Choice Questions on B. The accumulation of deficits over time is the total public debt.
Multiple-Choice Questions on C. The size of governments, their institutional composition and com
Multiple-Choice Questions on D. [8]■■"Market failure" occurs when private markets do not alloca

142. The general government sector of a nation includes all non-private sector institutions, organisations a
Multiple-Choice Questions on A. Local governments can measure through such indicators the eff
Multiple-Choice Questions on B. Government purchases of goods and services intended to creat
Multiple-Choice Questions on C. The GFSM 2001 provides a blueprint for the compilation, record
Multiple-Choice Questions on D. The general government sector of a nation includes all non-priva

143. The GFSM 2001 also defines some indicators of effectiveness in government's expenditures, for exam
Multiple-Choice Questions on A. He first proposed the idea of a public good, as he believed that a
Multiple-Choice Questions on B. Their system was tbased on two types of taxes: tributa and vect
Multiple-Choice Questions on C. Government can pay for spending by borrowing (for example, w
Multiple-Choice Questions on D. The GFSM 2001 also defines some indicators of effectiveness in

144. On the other hand, the government was to provide financing for war.
Multiple-Choice Questions on A. [12]■■Collection of sufficient resources from the economy in an
Multiple-Choice Questions on B. On the other hand, the government was to provide financing for
Multiple-Choice Questions on C. Government expenditures that are not purchases of goods and
Multiple-Choice Questions on D. [32]■■In so doing, public finance may appear as a very strong l
145. Government finance statistics should offer data for topics such as the fiscal architecture, the measure
Multiple-Choice Questions on A. Public provision via a government or a voluntary association, ho
Multiple-Choice Questions on B. Government finance statistics should offer data for topics such a
Multiple-Choice Questions on C. This concept is ensuring that every individual, despite their socio
Multiple-Choice Questions on D. The following subdivisions form the subject matter of public finan

146. The former included the land tax and a poll tax, while the latter was made up of another poll tax, an in
Multiple-Choice Questions on A. The former included the land tax and a poll tax, while the latter w
Multiple-Choice Questions on B. [10]■■Although public finance only began to be viewed as a bo
Multiple-Choice Questions on C. The laissez-faire approach first became popular toward the midd
Multiple-Choice Questions on D. "Social security fund"[25] is a central, state or local institutional u

147. Adam Smith also advocated for the laissez-faire attitude, but also claimed that the government would
Multiple-Choice Questions on A. The romans employed a regressive tax system wherein the lowe
Multiple-Choice Questions on B. [16]■■A tax is a financial charge or other levy imposed on an in
Multiple-Choice Questions on C. Government debt can be categorized as internal debt, owed to l
Multiple-Choice Questions on D. Adam Smith also advocated for the laissez-faire attitude, but als

148. Each region had a set amount to pay which would be collected by aristocrats.
Multiple-Choice Questions on A. Each region had a set amount to pay which would be collected b
Multiple-Choice Questions on B. GFS can be accessible through several sources.
Multiple-Choice Questions on C. The main focus of the GFSM 2001 is the general government se
Multiple-Choice Questions on D. Following Adam Smith, several economists expanded on his ide

149. "Local government"[24] consists of all types of public administration whose responsibility covers only
Multiple-Choice Questions on A. Government debt can be categorized as internal debt, owed to l
Multiple-Choice Questions on B. On a regional level, the Organization for Economic Co-operation
Multiple-Choice Questions on C. "Local government"[24] consists of all types of public administra
Multiple-Choice Questions on D. Public provision via a government or a voluntary association, ho

150. Two other similarities between the GFSM 2001 and business financial accounting are the recommend
Multiple-Choice Questions on A. [29]■■Social equity in public finance underlies the principles an
Multiple-Choice Questions on B. For him public projects always needed to yield a profit that would
Multiple-Choice Questions on C. Two other similarities between the GFSM 2001 and business fin
Multiple-Choice Questions on D. "Local government"[24] consists of all types of public administra
151. The core tenets of promoting social equality through public finance include:[27]■■To achieve social e
Multiple-Choice Questions on A. Government purchases of goods and services intended to creat
Multiple-Choice Questions on B. In 1550 serfs were instructed to pay another tax called za povoz
Multiple-Choice Questions on C. Deficit finance allows governments to smooth tax burdens over
Multiple-Choice Questions on D. The core tenets of promoting social equality through public finan

152. [12]■■Collection of sufficient resources from the economy in an appropriate manner along with alloca
Multiple-Choice Questions on A. [12]■■Collection of sufficient resources from the economy in an
Multiple-Choice Questions on B. The romans employed a regressive tax system wherein the lowe
Multiple-Choice Questions on C. For him public projects always needed to yield a profit that woul
Multiple-Choice Questions on D. [29]■■Social equity in public finance underlies the principles an

153. The first mention of a tax in Anglo-Saxon England dates back to the 7th century where it’s specified th
Multiple-Choice Questions on A. Taxes could also be imposed by a subnational entity.
Multiple-Choice Questions on B. The GFSM 2001 addresses the institutional complexity of gover
Multiple-Choice Questions on C. The first mention of a tax in Anglo-Saxon England dates back to
Multiple-Choice Questions on D. Unemployment in ancient Greece was virtually non-existent as G

154. The International Monetary Fund publishes GFS in two publications: International Financial Statistics
Multiple-Choice Questions on A. The International Monetary Fund publishes GFS in two publicati
Multiple-Choice Questions on B. [29]■■Social equity in public finance underlies the principles an
Multiple-Choice Questions on C. On the other hand, the government was to provide financing for
Multiple-Choice Questions on D. The GFSM 2001 includes a functional classification of expense

155. Taxation in a modern government is thus needed not merely to raise the revenue required to meet its
Multiple-Choice Questions on A. Finally, the interest expense account is one of the necessary inp
Multiple-Choice Questions on B. Government purchases of goods and services for current use ar
Multiple-Choice Questions on C. The memorandum items of the balance sheet provide additional
Multiple-Choice Questions on D. Taxation in a modern government is thus needed not merely to

156. In many cases, however, conditions for private market efficiency are violated.
Multiple-Choice Questions on A. Its significance arises not only from the fact that it is by far the m
Multiple-Choice Questions on B. For example, it recommends that governments produce a full se
Multiple-Choice Questions on C. [31]■■Clear goals have to be set with regard to measuring soci
Multiple-Choice Questions on D. In many cases, however, conditions for private market efficiency
157. Unemployment in ancient Greece was virtually non-existent as Greek economic rule equated heavily
Multiple-Choice Questions on A. Unemployment in ancient Greece was virtually non-existent as G
Multiple-Choice Questions on B. [10]■■Although public finance only began to be viewed as a bo
Multiple-Choice Questions on C. [19]■■Public finance in centrally planned economies has differe
Multiple-Choice Questions on D. a payment exacted by legislative authority.

158. This food rent was not too dissimilar from the taxes imposed on serfs in Russia in the middle ages wh
Multiple-Choice Questions on A. This food rent was not too dissimilar from the taxes imposed on
Multiple-Choice Questions on B. These taxes were used among other things to fund the military,
Multiple-Choice Questions on C. Some consider all government liabilities, including future pensio
Multiple-Choice Questions on D. GFS can be accessible through several sources.

159. Its significance arises not only from the fact that it is by far the most important of all revenues but also
Multiple-Choice Questions on A. [1] It is the branch of economics that assesses the government r
Multiple-Choice Questions on B. It arises from the difference between the face value of a coin or
Multiple-Choice Questions on C. For him public projects always needed to yield a profit that woul
Multiple-Choice Questions on D. Its significance arises not only from the fact that it is by far the m

160. It is an improvement on the prior methodology – Government Finance Statistics Manual 1986 – based
Multiple-Choice Questions on A. In this view, public sector programs should be designed to maxim
Multiple-Choice Questions on B. It is an improvement on the prior methodology – Government Fin
Multiple-Choice Questions on C. Public finance is the study of the role of the government in the e
Multiple-Choice Questions on D. He first proposed the idea of a public good, as he believed that a

161. Greek economic development as per the governmental duties extended to growth, equity, and employ
Multiple-Choice Questions on A. [16]■■A tax is a financial charge or other levy imposed on an in
Multiple-Choice Questions on B. The former included the land tax and a poll tax, while the latter w
Multiple-Choice Questions on C. This concept is ensuring that every individual, despite their socio
Multiple-Choice Questions on D. Greek economic development as per the governmental duties e

162. The following subdivisions form the subject matter of public finance.
Multiple-Choice Questions on A. Since the government was meant to take care of those who wou
Multiple-Choice Questions on B. This approach is called accrual accounting, meaning that obliga
Multiple-Choice Questions on C. The following subdivisions form the subject matter of public finan
Multiple-Choice Questions on D. Common measures include accessibility to quality education, he
163. The World Bank gathers information on external debt.
Multiple-Choice Questions on A. The financial statements can provide investors with the necessa
Multiple-Choice Questions on B. Public finance as a field began becoming more well-known and
Multiple-Choice Questions on C. They guaranteed freedom of contract and property, as well as re
Multiple-Choice Questions on D. The World Bank gathers information on external debt.

164. A deficit is the difference between government spending and revenues.

Multiple-Choice Questions on A. There is also a difference between public and private finance, in
Multiple-Choice Questions on B. [26]■■Social fairness includes the equal access of the various g
Multiple-Choice Questions on C. A deficit is the difference between government spending and rev
Multiple-Choice Questions on D. Achieving social equity is challenged by limited resources, politic

165. Public finance as a field began becoming more well-known and independently recognized around this
Multiple-Choice Questions on A. Public finance as a field began becoming more well-known and
Multiple-Choice Questions on B. The revenue accounts are divided into subaccounts, including th
Multiple-Choice Questions on C. Governments usually borrow by issuing securities such as gove
Multiple-Choice Questions on D. Local governments may, in this way, bring equity by being able