Answered: The city of Joslyn has three sources of… | bartleby

Principles of Microeconomics

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Design Of The Tax System

Section: Chapter Questions

Problem 7PA

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Question

The city of Joslyn has three sources of revenue: borrowing, proprietary income from running the local electric power utility, and taxes.
Last
year,
its total revenue was $150 million. If it received $10 million from running the electric power utility and borrowed $40 million,
how much did it collect in taxes? Assume Joslyn's total revenue is $150 million.
O $100 million
O $110 million
O $140 million
O Nothing

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