Over the long run, the fundamental funding sources for the government include
A) borrowing.
B) transfers between government agencies.
C) taxes.
D) lending.
Answer: C
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If the price of a product increases
A. total revenue will definitely decrease. B. total revenue will definitely increase. C. consumer surplus will decrease. D. consumer surplus will increase.
In a closed economy, what does (Y - T - C) represent?
a. national saving b. government tax revenue c. public saving d. private saving
In the United Sates, the average annual rate of growth of real wages was fastest in the period:
A. 1960-1973. B. 1960-1995. C. 1973-1995. D. 1996-2010.
Suppose government finds it can increase the equilibrium real GDP $45 billion by increasing government purchases by $18 billion. On the basis of this information, we can say that the:
A. MPS in this economy is .4. B. MPC in this economy is .4. C. multiplier does not apply in this economy. D. multiplier is 3.