Which of the following methods of generating federal government revenue was first introduced during the Civil War?
a. the personal income tax
b. inflationary finance
c. import tariffs
d. bond sales
a. the personal income tax
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Refer to the scenario above. If Rebecca wins the auction, she will earn a surplus of ________
A) $1,000 B) $4,500 C) $5,000 D) $45,000
Direct expenditure offsets are
A) the discretionary changing of government expenditures to achieve a higher employment level. B) the decrease in planned investment that occurs as the result of an increase in interest rates. C) the same as the Ricardian equivalence theorem. D) the decrease in spending in the private sector in areas in which the government is competing.
Exporting a good at a price below its cost of production is defined as
a. efficiency b. dumping c. diversification d. retaliation e. tariffs
If the economy suffers a recession for reasons unrelated to fiscal policy, the deficit should rise and
a. inflation should fall. b. interest rates should fall. c. real GDP should fall. d. All of the above are correct.