What is the largest source of tax revenue for the U.S. federal government and what is the largest expenditure item of the U.S. federal government?
What will be an ideal response?
The largest source of tax revenue for the U.S. federal government is personal income taxes, that is, the income taxes that individuals pay. The largest expenditure of the U.S. federal government is spending on Medicare and Medicaid.
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Suppose there are currently 100 people unemployed, 1500 people employed, 1600 people in the labor force, and 2000 people in the working age population. The unemployment rate equals 100 times
A) 100/1500. B) 100/1600. C) 100/2000. D) 1500/2000.
Over time, nations tend to converge to
A) the same balanced growth path and same income per capita. B) the same balanced growth path but varying income per capita. C) different balanced growth paths but the same income per capita. D) different balanced growth paths because of varying income per capita.
____________ tax is used to provide funds for Social Security and Medicare.
a. Payroll b. Income c. Sales d. Inheritance
Free markets produce allocatively efficient outcomes and have no flaws
a. True b. False Indicate whether the statement is true or false