Net public debt is equal to
A. the gross public debt plus all governmental interagency borrowing.
B. the gross public debt minus taxes paid by foreign corporations on their profits made in the United States.
C. the gross public debt minus current year tax revenue collection.
D. the gross public debt minus all governmental interagency borrowing.
Answer: D
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Almost all economists support protectionist policies because protection
A) saves jobs. B) prevents rich countries from exploiting poorer countries. C) is a good way for governments in developed nations to raise revenue. D) Economists would not support any of the above reasons.
The corporate tax applies to firms’ total revenues.
Answer the following statement true (T) or false (F)
Which of the following is the largest category of federal government expenditures?
A) defense spending B) transfer payments C) interest on the debt D) grants to state and local governments
The demand for a good is inelastic with respect to price if the price elasticity of demand is:
A. greater than one. B. equal to negative one. C. equal to one. D. less than one.