A federal budget surplus occurs when government expenditures exceed tax revenues

Purchasing power parity is the theory that nominal exchange rates are determined:

A. as necessary to achieve the fundamental value of the exchange rate. B. by real exchange rates. C. as necessary for the law of one price to hold. D. by the forces of supply and demand.

Which statement is false?

A. The federal government collects more in Social Security taxes than in personal income tax. B. The federal government collects more in Social Security taxes than in corporate income tax. C. The federal government collects more in personal income tax than in corporate income tax. D. None of these statements are false.