Suppose that in 2016, the national income in the United States was $200 billion, depreciation was $15 billion, personal taxes were $20 billion, and transfer payments were $10 billion. Gross domestic product in 2016 is

A) $185 billion. B) $215 billion. C) $220 billion. D) $245 billion.

Economics

A tariff is a

A) tax on an exported good or service. B) tax on an imported good or service. C) subsidy on an exported good. D) subsidy on an imported good.

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Economics

The U.S. lowered tariffs in the 1850s because of a budget surplus

Indicate whether the statement is true or false

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Economics