Answer the following statements true (T) or false (F)
1. The former Soviet Union was an example of a traditional economy.
2. The United States had a surplus balance of trade during most of the 1990s.
3. Deciding what to produce and allocating goods and services are functions of all types of economic systems.
4. Socialism combines monopoly, capitalism, private property, and a strong dictatorial central government.
1. FALSE
2. FALSE
3. TRUE
4. FALSE
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When the federal government gives a grant to a state or local government without restrictions on use, this is known as
A. revenue sharing. B. block grants. C. endowments. D. tax shelter.
A sales tax is an example of:
A. a specific tax. B. an ad valorem tax. C. a lump sum tax. D. an income tax.
Using the income approach, an indirect business tax is a(n):
a. sales tax. b. excise tax. c. license fee. d. all of these.
How is per capita GDP affected by GDP growth and population growth?
What will be an ideal response?