The largest source of tax receipts for the government is
A) personal taxes.
B) contributions for social insurance.
C) taxes on production and imports.
D) corporate taxes.
A
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During the Clinton administration,
a. government savings rose significantly. b. total savings savings rose significantly. c. private savings rose because an increase in the tax rates on upper-income Americans and more government regulation d. both b and c.
Refer to Scenario 2.1. If P = $25, which of the following is true?
A) There is a surplus equal to 30. B) There is a shortage equal to 30. C) There is a shortage, but it is impossible to determine how large. D) There is a surplus, but it is impossible to determine how large.
The excess capacity theorem implies that
A. consumers would be better off if some monopolistically competitive firms left their markets. B. consumers would be better off with more standardization of products. C. monopolistic competition benefits society by eliminating excess capacity in production. D. monopolistic competition wastes some of society’s resources but the elimination of this waste does not necessarily benefit consumers.
Which of the following is NOT a reason people tolerate tariffs and quotas?
A) Their jobs depend on tariffs and quotas. B) Costs may be hidden and hard to quantify. C) Costs of the policy are spread over a large number of people. D) The marginal expenses to fight the protection outweigh the personal marginal costs of the protection.