Federal sources of revenue and outlays are shown in Figure 10.3
What will be an ideal response?
for fiscal year (FY) 2011*. The major sources of federal revenue are personal income and Social Security taxes. In FY 2011, the federal government also borrowed an amount equal to 36 percent of the total budget. Government borrowing varies from year to year, but deficits are more common than surpluses. The major categories of government spending are Social Security, defense spending, and social programs
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Rational choice
A) is a choice that uses the available resources to best achieve the objective of the person making the choice. B) is always efficient. C) is what you must give up to get what you want. D) is made by comparing different incentives. E) provides the answer to only the "how" question.
A decrease in taxes would shift the:
A) aggregate demand curve rightward. B) aggregate demand curve leftward. C) aggregate supply curve rightward. D) aggregate supply curve leftward.