Hamilton Expected That the Revenue to Pay the Interest on the National

question 44

Multiple Choice

Hamilton expected that the revenue to pay the interest on the national debt would come from

• A) sales taxes and licensing fees.
• B) customs duties and excise tax.
• C) income and property taxes.
• D) western land sales and foreign loans.
• E) foreign aid.

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Definitions:

Price Elasticity

The degree to which the demand for a good is responsive to changes in its price.

Tax Passed

Occurs when the burden of a tax is shifted from the entity legally responsible for it to another party, such as consumers.

Import Quota

A regulatory measure that sets a physical limit on the quantity of goods that can be imported into a country over a specified period of time.

Tariff

A tax imposed by a government on goods and services imported from other countries, used to control trade.