What is the "chicken tax" and why did it come into existence?
What will be an ideal response?
Following World War II, in the interest of maintaining agricultural self-sufficiency, European nations imposed high tariffs on imported chickens, and U.S. chicken exports fell by 25%. In response, the U.S. imposed tariffs on four products that came predominantly from the European nations that had taxed U.S. chickens. Those retaliatory tariffs imposed by the United States became known as the "chicken tax."
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If a German firm produces cars in the United States, that production should count towards
A) U.S. GDP. B) German GDP. C) U.S. GNP. D) both U.S. GNP and German GDP.
What is the relationship between household saving and taxes?
a. taxes = income - consumption - household saving b. household saving = income + taxes - consumption c. taxes = income + consumption + household saving d. household saving = consumption + income - taxes e. taxes = household saving - income + consumption