The largest category of federal spending is for:
A. health care.
B. science, space, and technology.
C. pensions and income security.
D. national defense.
Answer: C
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The size of the deadweight loss, or excess burden, of a tax depends on the
A) amount of producer surplus but not the amount of consumer surplus because it is the producers who send the tax revenues to the government. B) strength of demand. C) strength of supply. D) elasticities of demand and supply. E) number of demanders and the number of suppliers.
Net taxes represent:
a. the difference between the amount of taxes collected by governments and the amount of transfer payments that governments return to households. b. the difference between the amount of interest payments that governments pay on bonds and the amount of taxes collected by governments. c. the sum of the amount of taxes collected by governments and the amount of transfer payments that governments return to households. d. the product of the amount of taxes collected by governments and the amount of transfer payments that governments return to households.