The Scarcity Principle states that:
A. society will eventually run out of resources.
B. with limited resources, having more of one thing means having less of another.
C. people don't have enough money to buy what they want.
D. some countries have fewer resources than others.
Answer: B
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The personal income tax is based on the benefits-received principle of taxation
a. True b. False
Income tax collections:
a. rise during a recession, thus reduce the severity of the recession. b. rise during a recession, thus increase the severity of the recession. c. fall during inflationary episodes, thus increase the severity of the inflation. d. fall during a recession, thus reducing the severity of the recession.
According to your text, which of the following represents the largest source of tax receipts for the Federal government?
A) sales taxes B) individual income taxes C) corporate income taxes D) property taxes
Wells Fargo, J.P. Morgan Chase, and Citibank are all primarily:
A. commercial banks. B. mutual fund companies. C. insurance companies. D. securities firms.