The income transferred by the government from a citizen who is earning income to another citizen is referred to as:
a. fiscal spending.
b. transfer payment.
c. budgetary allowance.
d. taxation.
e. internal debt.
b
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U.S. investment is financed from
A) private saving, government budget surpluses, and borrowing from the rest of the world. B) private saving, government budget deficits, and borrowing from the rest of the world. C) private borrowing, government budget deficits, and lending to the rest of the world. D) private saving and borrowing from the rest of the world only.
In response to a temporary increase in government spending, the representative consumer consumes
A) more and takes more leisure. B) more and takes less leisure. C) less and takes more leisure. D) less and takes less leisure.
If the government wanted a tax to raise a great deal of revenue but not burden producers much, it would want to tax an industry with
a. elastic supply and demand curves. b. inelastic supply and demand curves. c. inelastic supply and elastic demand. d. elastic supply and inelastic demand.
The value of money or income in terms of the quantity of goods the money can buy is called its:
A. real value. B. marginal value. C. nominal value. D. implicit value.