The amount by which government spending exceeds revenues in a fiscal year is called the
The income tax in the United States today is a _________ tax
3
Which political group seeks to expand liberty above all other principles and wishes to minimize government intervention in the economy and societ...
Laws that structure the conditions under which you can sell your property are called -
ANSWER-laws of exchange
Which term describes a good that, after it is provided, may be enjoyed by anyone and
may not be denied to anyone? - ANSWER-public goods
Universal compulsory education is an example of government efforts to - ANSWER-
create a labor force
Which term describes a company that provides all the goods and services for a
particular market such that competition is nonexistent? - ANSWER-monopoly
The most fundamental way that government affects investment is by - ANSWER-
promoting business, investor, and consumer confidence.
National tariff policies promote domestic markets by - ANSWER-restricting imported
goods.
The government's use of taxing and spending powers to manipulate the economy is
called - ANSWER-fiscal policy
The income tax in the United States today is a _________ tax - ANSWER-progressive
A sales tax is deemed ___________ because everybody pays at the same rate, but the
more you make, the lower the percentage of your income that goes to buying items and
paying sales tax. - ANSWER-regressive
, The amount by which government spending exceeds revenues in a fiscal year is called
the - ANSWER-budget deficit.
As a percentage of GDP, total government receipts in the United States are
______________ those of most other industrialized countries. - ANSWER-smaller than
Fiscal policy is made by - ANSWER-the President and Congress.
According to the text, state and local governments' revenues depend primarily on -
ANSWER-sales and property taxes.
The federal government raises most of its revenue from ______________. - ANSWER-
individual income taxes
Federal taxes on the sale of alcohol, tobacco, and gasoline are examples of
______________ taxes. - ANSWER-excise
Which of the following statements is true regarding capital gains? - ANSWER-Capital
gains are taxed at a lower rate than ordinary income.
In 2010, defense expenditures were approximately ______________ of all federal
expenditures. - ANSWER-20 percent
According to the text, the Federal Reserve is most responsive and accountable to -
ANSWER-bankers
The authority of the federal government to issue economic regulations stems primarily
from what the Constitution says about - ANSWER-interstate commerce
The power of the federal government to issue economic regulations was largely
dormant until approximately - ANSWER-1890.
The program that offers health insurance to the elderly is called ______________. -
ANSWER-medicare
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