United States Government Source of Funds and Outlays, Fiscal 2011
What will be an ideal response?
The largest sources of federal revenues are personal income and Social Security taxes. Part of the budget—36 percent in 2011—is covered by borrowing (issuing government
bonds).
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Answer the following statement(s) true (T) or false (F)
1. Matters of equity are explicitly integrated into the decision rules that govern benefit-cost analysis. 2. The first U.S. president to explicitly include the efficiency criterion in the regulatory review process was President Clinton. 3. President Reagan was the only U.S. president to support the use of economic criteria in policy decision making. 4. According to the text application on the UK Climate Change Act, the Impact Assessment presented for this policy when proposed, gave benefit and cost estimates of the proposed regulation up to 2050.
If a 1 percent decrease in the price of product A brings about a 3 percent increase in the sales of product B, then:
a. products A and B are complementary. b. the cross elasticity of demand between these two products is positive. c. products A and B are substitutes. d. the demand for these products is inelastic. e. the total revenue earned from product A will decrease.
A budget line represents all the combinations of two good a consumer can buy with a given amount of money and fixed prices for the goods
a. True b. False Indicate whether the statement is true or false
The balance of trade is measured by which of the following expressions?
a. The value of exported goods and services minus the value of imported goods and services b. The value of income receipts on investments minus income payments on investments c. The value of goods exports minus the value of goods imports d. The value of government spending minus the value of all taxes received e. The balance on capital account plus the balance on current account