Which Type of Tax Is Used to Finance the Social

question 75

Multiple Choice

Which type of tax is used to finance the Social Security program in the United States?

• A)consumption tax
• B)income tax
• C)payroll tax
• D)property tax

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Definitions:

Production Possibilities Frontier

A graphical representation that shows the various combinations of output that an economy can produce given the available resources and technology.

Opportunity Cost

Yielding potential gains from different scenarios when one is favored.

Society

A group of individuals involved in persistent social interaction, or a large social group sharing the same geographical or social territory, typically subject to the same political authority and dominant cultural expectations.

Production Possibilities Curve

A graphical representation showing the maximum quantity of two goods or services that can be produced within a given time period and with available resources.