Which of the following statements is correct?
a. National defense and health are the two largest spending categories for the federal government.
b. Welfare programs and highways are the two largest spending categories for state and local governments.
c. Sales taxes and property taxes are the two most important revenue sources for state and local governments.
d. Corporate income taxes are the largest source of revenue for the federal government.
c
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According to this Application, one solution proposed to deal with the rising expenses of government entitlement programs is to raise taxes. An increase in taxes to help cover the rising expenses of entitlement programs would
A) increase aggregate demand, shifting the AD curve to the left. B) decrease aggregate demand, shifting the AD curve to the left. C) decrease aggregate demand, shifting the AD curve to the right. D) increase aggregate demand, shifting the AD curve to the right.
Market power and externalities are two possible causes of market failure
a. True b. False Indicate whether the statement is true or false
If you knew that two countries had the same level of real GDP per person, what additional piece of information would help you determine in which country people had a better standard of living?
A. The population of each country B. The average level of prices in each country C. The average number of hours worked per week in each country D. The total physical volume of output for each country
With trade in a monopolistic-competition industry, an exporting firm may be forced to sell its product at a lower price than in the absence of trade.
Answer the following statement true (T) or false (F)