When the average tax rate rises as income rises, this is known as progressive taxation

At the end of 2011 the U.S. government had a debt of about $10.12 trillion. During 2012 inflation was about 2.5% and real GDP grew about 1.6%. What is the largest deficit the government could have had in 2012 without raising the ratio of debt to GDP?

a. about 414.9 billion b. about 404.8 billion c. about 253.0 billion d. about 161.9 billion

"It is good to protect domestic production for a nation as a whole and not just for workers and firms in the industry receiving protection." Give three scenarios to justify this statement.

What will be an ideal response?