What is the largest tax expenditure in the United States?
a. deduction of mortgage interest on owner-occupied houses
b. deferral of income from controlled foreign corporations
c. exclusion of employer contributions to health care and insurance
d. exclusion for interest earned on state and local government bonds
c
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The system in Mexico where the Spanish Crown granted tracks of land to Spaniards was called:
a. encomienda b. hacienda c. ejido d. conquistadores
According to the text, China
A. is now the second-largest foreign holder of U.S. securities. B. is now the second-largest military spender behind the U.S. and the second-largest foreign holder of U.S. securities, and will play an increasingly important role in world affairs. C. will play an increasingly important role in world affairs. D. is now the second-largest military spender behind the U.S. E. None of these answers is correct.