The largest source of receipts for the federal government is
A) corporate income taxes.
B) personal income taxes.
C) capital gains taxes.
D) Social Security taxes.
B
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During the period from 1970 to the present, the U.S. economy experienced a Great Inflation, a Great Moderation, and a Great Recession. How does this sequence illustrate the concept of a "business cycle"?
What will be an ideal response?
If the government could raise taxes on one good, which product should the government increase tax rates in order to raise tax revenue?
a. Cigarettes b. Alcohol c. Sodas d. None of the above
Fab Tools Inc can produce 150 widgets and 100 axes in a month. Another company AllMyTools Inc can produce 80 widgets and 50 axes per month. Which of the following statements is true?
a. Fab Tools has an absolute advantage in production of both goods. b. AllMyTools has an absolute advantage in production of both goods. c. AllMyTools has a comparative advantage in production of axes. d. Fab Tools has a comparative advantage in production of widgets only.
Over the last 50 years, poverty has been:
A. falling, and inequality has been falling as well. B. rising, and inequality has been falling. C. rising, and inequality has been rising as well. D. falling, and inequality has been rising.