Nearly half of the federal government's tax revenues comes from:
A. Social Security payroll taxes.
B. Customs, whiskey, and tobacco taxes.
C. Individual income taxes.
D. Corporate income taxes.
Answer: C. Individual income taxes.
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Which of the following types of income are subject to FICA taxes?
A. Interest earned on checking accounts B. Business profit from the self-employed C. Inheritance D. Profits earned from dividends
If the number of automobile manufacturers decreases
A) the supply of automobiles increases. B) the demand for automobiles increases. C) the demand for automobiles decreases. D) the supply of automobiles decreases.
Refer to Figure 2-6. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 60 thousand spoons B) 46 thousand forks C) 16 thousand spoons D) 12 thousand forks
If the government enacts contractionary fiscal policy, it could:
A. reduce its spending. B. decrease personal income taxes. C. decrease corporate income taxes. D. All of these are contractionary.