Of the three primary tax sources of revenue for the U.S. federal government, which of the following has trended upward as a percentage of GDP since 1962?
A) corporate income taxes
B) social insurance taxes
C) sales and excise taxes
D) individual income taxes
B
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The infant-industry argument is used by those who assert they want to
A) limit imports to protect new industries. B) increase exports to encourage growth of new industries. C) limit exports. D) increase imports to earn money to support new industries. E) encourage foreign firms to dump in the United States.
U.S. antitrust laws are designed to prohibit monopolization and encourage competition. Why, then, does the government erect barriers to entry and create monopoly power by granting firms patents?
What will be an ideal response?
Stock market crashes lead us to believe that
A) factors other than market fundamentals have an effect on asset prices. B) unexploited profit opportunities never exist. C) crashes are always predictable when market participants behave rationally. D) bubbles are a natural outcome of an efficient market.
Jane has just sent a gift that was made in the U.S. to her relatives in Italy. As far as the balance of payments is concerned this gift will
A) have no influence on the balance of payments since it was made in the U.S. B) be part of the capital account since the gift is a physical item. C) be considered an export since it has left the U.S. D) be part of the current account as a unilateral transfer.