Payments by the government to the public for which the government receives no current goods or services in return are called:
A. transfer payments.
B. net taxes.
C. public saving.
D. capital losses.
Answer: A
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A country with no trade and no borrowing and lending relationships with other countries is known as a(n)
A) closed economy. B) planned economy. C) open economy. D) market economy.
If steel workers obtain a substantial wage increase, employment in the steel industry will be most likely to fall if
a. the demand curve for steel is highly inelastic. b. the demand curve for steel is highly elastic. c. the demand curve for steel workers is highly inelastic. d. there are no good substitutes for steel.
Which of the following is likely the best explanation for the state of California's requirement that brake lamp adjusters must be licensed?
A. Improperly adjusted brake lamps pose a serious threat to public safety. B. Brake lamp adjusting is a hard job requiring years of education. C. Almost all states require licensing of brake lamp adjusters. D. The licensing requirement reduces competition and increases wages.
State and local governments receive most of their revenue from
A) sales and excise taxes, revenue from the federal government, and property taxes. B) individual income taxes, social insurance contributions, and property taxes. C) corporate income taxes, property taxes, and personal income taxes. D) property taxes, sales and excise taxes, and Social Security contribution.