Describe the two basic philosophies of taxation fairness.
What will be an ideal response?
The two basic philosophies of taxation fairness are the benefits-received principle and the ability-to-pay principle. The benefits-received principle argues that those who received the benefits of government spending programs ought to be the ones who pay for those programs or public goods and services. The ability-to-pay principle argues that the rich ought to pay more taxes because they can afford to do so.
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Before 1860, most of the U.S. population lived _____ and most workers _____
a. in small to medium cities; were members of trade guilds b. in rural areas; were self-employed c. in large cities; were self-employed d. in large cities; were employed in mills and factories
Suppose that with international trade now a possibility, two trading nations restructure their production from both having produced clothes and food to one producing clothes and the other producing food. What gains do they experience? What problems may they experience? a. Gains are higher labor productivity and greater total output. Problems may be economic inefficiency
b. Gains are economic efficiency. Problems may be trade wars. c. Gains are people in both nations having higher incomes. Problems may be that the nations cannot find an acceptable trading price between food and clothes. d. Gains are higher labor productivity and greater total output. Problems may arise from dependence on the other for vital goods. e. Gains are economic efficiency. There are no problems as long as they engage in free trade.
Which statement is most accurate with respect to the federal government's land policies in the 19th century?
A. It gave away land, and rarely if ever charged even a token amount per acre. B. It gave away a lot of land and charged a token amount for the rest. C. It gave away no land, but charged only a token amount. D. It charged a fairly substantial amount for the land it sold.
When government uses the judgment by performance criterion, a firm is considered a monopoly if it controls a significant segment of the market.
Answer the following statement true (T) or false (F)