The two largest sources of tax revenue for the U.S. federal government are
A. personal income taxes and payroll taxes.
B. personal income taxes and corporate income taxes.
C. payroll taxes and excise taxes.
D. excise taxes and customs duties.
Answer: A
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The government expenditure multiplier is the magnification effect of a change in government expenditure on
A) aggregate demand. B) the budget deficit. C) tax receipts. D) aggregate supply. E) potential GDP.
Monopolistic competition is best described as
a. many firms with some control over price, and some product differentiation b. many firms with no control over price, producing identical products c. a few firms with some control over price, producing highly differentiated products d. a few firms with no control over price, producing similar products e. a single firm producing all of the output for the industry, with strong control over price
Crowding out can best be defined as
a. higher interest rates caused by restrictive monetary policy, which reduces investment. b. higher interest rates caused by restrictive monetary policy, which increases saving and reduces consumption spending. c. government budget deficits causing a drop in private borrowing because of higher interest rates. d. government budget deficits causing a drop in interest rates, which reduces private saving.
Before government approves a merger, what must the companies prove the merger would do?
(A) Lower costs and consumer prices or lead to a better product. (B) Be beneficial by creating an artificial monopoly. (C) Be good for certain consumers but not others. (D) Actually raise the number of competitors in the market.