Federal deficits had become pretty much an annual event during the 25-year period 1970–1995 . Deficits occur when
a. government spending is greater than tax revenue
b. government spending equals tax revenue
c. government spending is less than tax revenue
d. government surpluses are taxed
e. the national debt is reduced
A
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During the antebellum period, the majority of the family labor on farms was devoted to investment type of activities—clearing land, constructing fences and buildings, and feeding and breeding livestock
Indicate whether the statement is true or false
When interest income from savings is taxed, people will save
a. more to make up for what is lost in taxes. b. the same amount as they would have without the tax. c. less than they would without the tax. d. None of the above is correct since the government would not tax interest on savings.
According to the law of demand, when price increases the quantity demanded of a good
An approach that can be taken by someone directly involved in a transaction to solve the problems caused by information asymmetry is:
A. proofing. B. mandating that information be shared. C. building a reputation. D. disclosure laws.