The Largest Source of Revenue for the Federal Government Is

question 42

Multiple Choice

The largest source of revenue for the federal government is and the largest outlay is for
)

• A) personal income taxes; interest on national debt
• B) personal income taxes; Medicare
• C) personal income taxes; transfer payments
• D) corporate taxes; Social Security

---

Definitions:

Demand Function

A mathematical equation that describes the relationship between the quantity demanded of a good and its price, along with other factors like income and price of related goods.

Fixed Cost

Costs that do not vary with the volume of production or sales, such as rent, salaries, and insurance.

Expense Equation

A formula used to calculate the total expenses by adding various costs and expenses associated with operating a business or managing personal finances.

Markup

The amount added to the cost price of goods to cover overhead and profit.