In 2002, government expenditures as a percentage of GDP were lowest for which country? a. Sweden b. United States c. Germany d. France ANSWER b
Date: September 9th, 2020
The individual’s budget constraint is _____. a. the amount of money she has in the bank b. determined by dividing the individuals income by the price of the goods she wants to buy c. the maximum amount one good she can consume given her consumption of other goods d. a line depicting all the possible […]
Date: September 9th, 2020
Which of these actions will occur to the budget constraint when an individual’s income increases? a. shifts outward b. shifts backward c. rotates clockwise d. cannot be determined from the information given ANSWER a
Date: September 9th, 2020
Briefly discuss the source of federal government revenues. Give special attention to the evolution of revenue sources since the 1960s. What will be an ideal response? ANSWER Just as in 1960, the bulk of federal revenues come from individual income taxes. In 1960, 44 percent came from individual income taxes and in 2000 49.6 […]
Date: September 9th, 2020
The utility maximizing consumption bundle for an individual can be found by locating _____. a. the individual’s bliss point b. any point on an indifference curve touching the budget constraint c. the highest point on an individual’s indifference curve d. the point tangent to an individual’s budget constraint ANSWER d
Date: September 9th, 2020
In 2003, the federal budget deficit was about _____ percent of gross domestic product. a. three b. zero c. seven d. ten ANSWER a
Date: September 9th, 2020
As a percentage of total federal revenues the corporate income tax has _____. a. increased since 1960 b. declined since 1960 c. fallen during the 1980s, but risen since 1992 d. remained fairly constant since 1960 ANSWER b
Date: September 9th, 2020
As a percentage of total federal revenues, the individual income tax has _____. a. increased substantially since 1960 b. declined substantially since 1960 c. increased slightly since 1960 d. declined slightly since 1960 ANSWER c
Date: September 9th, 2020
Social insurance revenues _____ come from _____. a. primarily; Social Security payroll taxes b. primarily, Medicare taxes c. primarily; Social Security payroll taxes and Medicare taxes d. do not; Social Security payroll taxes ANSWER a
Date: September 9th, 2020
As a percentage of total federal revenue, excise taxes have _____. a. risen slightly since 1960 b. remained constant since 1960 c. risen considerably since 1960 d. fallen since 1960 ANSWER d
Date: September 9th, 2020
