The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP (1996 $ billions)(A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0 The economy experienced an expansion that lasted from:
A. July 1953 to April 1957.
B. May 1954 to April 1957.
C. May 1954 to April 1958.
D. July 1953 to May 1954.
Answer: B
Economics
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The primary source of revenue at the federal level is:
a. the corporate income tax. b. the personal income tax. c. property taxes. d. sales taxes. e. customs duties.
Economics