Suppose That in 2020 the Average Citizen's Federal Tax Bill

question 25

Multiple Choice

Suppose that in 2020 the average citizen's federal tax bill is $12,466,and total federal spending is $10,824 per person.In 2020,the federal government will have

• A)a budget surplus.
• B)a budget deficit.
• C)horizontal equity.
• D)vertical equity.

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Definitions:

Functional Fixedness

A mindset that limits an individual's use of an object to its conventional purpose alone, inhibiting their capacity for innovation and solving challenges.

Functional Fixedness

A cognitive bias that limits a person's ability to use an object only in the way it is traditionally used, hindering problem-solving.

Functional Fixedness

A cognitive bias that limits a person to using an object only in the way it is traditionally used, hindering the ability to see alternative uses or solutions.

Insight

The capacity to gain an accurate and deep understanding of a person or situation.