Which of the Following Accounts for the Largest Source of Revenue

question 30

Multiple Choice

Which of the following accounts for the largest source of revenue for the federal government?

• A)sales tax
• B)federal property tax
• C)personal income tax
• D)corporate income tax
• E)borrowing

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Definitions:

Quantity Supplied

The volume of a commodity or service suppliers are prepared and able to market at a certain price.

Supply

The total amount of a good or service that is available for purchase at various price levels during a specified time period.

Demand and Supply

Demand and Supply are fundamental economic concepts representing the desire and ability to purchase goods and services and the amount of goods and services available for sale, respectively.

Market Supply

The total of what all producers are willing and able to sell at a given price over a specified time period.