Final answer:
Fees charged by a municipal airport are considered an exchange transaction because there is a reciprocal exchange of value between the airport services and the user fees.
Step-by-step explanation:
The transaction classified as an exchange transaction rather than a nonexchange transaction is Fees charged by a municipal airport. An exchange transaction involves a two-way exchange where each party receives something of approximately equal value.
In this case, the airport provides services and the user pays a fee in return. On the contrary, the other options such as Property Taxes, a State grant to conduct an after school program for children, and a Bequest left to the city by a wealthy citizen are considered nonexchange transactions as they lack a reciprocal exchange of value.
Based on the options given, the transaction that is classified as an exchange transaction is option a.