Prior to 1913, most of the federal government's tax revenues came from
A. Corporate income taxes.
B. Social Security payroll taxes.
C. Customs, whiskey, and tobacco taxes.
D. Individual income taxes.
Answer: C
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The U. S. budget has
A. always been in deficit since World War II. B. usually been in deficit, with a few periods of surpluses. C. always in balance. D. in balance, with some period of deficit.
Preferential trade agreements have a beneficial trade-diversion effect when they reduce prices for traded goods and stimulate the volume of international trade
a. True b. False Indicate whether the statement is true or false
Which of the following is a characteristic of a monopolistically competitive market?I.Firms sell differentiated products.II.Each firm's product is a close substitute for other firms' products.III.Firms freely enter and exit the market.
A. I only B. I and III only C. II and III only D. I, II, and III
A public debt which is owed to foreigners can be burdensome because:
A. Foreign interest rates are persistently higher than domestic interest rates B. The payment of interest reduces the volume of goods and services available for domestic uses C. The payment of interest will conflict with a nation's foreign aid programs D. The payment of interest will necessarily have a deflationary effect on prices in the paying nation