"He who pays a tax should receive the benefit from the expenditure financed by the tax." This statement reflects which of the following principles for a tax?
a. Fairness of contribution.
b. Ability-to-pay.
c. Benefits-received.
d. Inexperience-to-collect.
c
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Unless there are deaths or resignations, a two-term U.S. President can appoint up to
A) twelve members of the Federal Reserve Board of Governors. B) eight members of the Federal Reserve Board of Governors. C) four members of the Federal Reserve Board of Governors. D) two members of the Federal Reserve Board of Governors.
The concepts of comparative advantage, specialization, and trade form a compelling argument in favor of:
A. free trade. B. protectionism. C. self-sufficiency. D. only exporting goods and not importing goods.
How is nominal GDP converted into real GDP?
(A) By eliminating the effects of price increases on GDP growth. (B) By adding up all of the real purchases made in the economy. (C) By adding the contributions of American-owned factories in foreign countries. (D) By adding all incomes earned to total expenditures by consumers, businesses, and government.
Which of the following is true for forward foreign exchange contracts?
A. They are used mostly to offset net asset positions held in the foreign currencies. B. Common dates for future exchange are 50, 100, and 150 days forward. C. The actual currency exchange occurs after one week from the stated time period. D. They can be used for both speculation and hedging.