Federal, state, and local taxes
A. have been falling as a share of GDP since the 1970s.
B. have been increasing as a share of GDP since the 1970s.
C. are about a quarter of GDP.
D. are about one-third of GDP.
Answer: C
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What will be an ideal response?
If American demand for purchases of British goods has decreased, how would you expect the equilibrium exchange rate in the market for dollars to respond? Support your answer graphically
What will be an ideal response?
When the LM curve is vertical,
A) fiscal policy has no impact on equilibrium income. B) fiscal policy has no impact on the equilibrium interest rate. C) the economy is at full employment. D) monetary policy has no impact on equilibrium income.
Cutting the poor off welfare is
A. the liberal position. B. the conservative position. C. both the liberal and the conservative position. D. neither the liberal nor the conservative position.