To Restrict or Encourage Exports, Congress Can Set Quotas on Various

question 53

True/False

To restrict or encourage exports, Congress can set quotas on various items, such as grain being sold abroad.

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Definitions:

Tax

Mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization.

Tax Cuts

Reductions in the amount of taxes that individuals or corporations are required to pay to the government.

Tax Revenue

The monetary gains that are acquired by governments from taxation.

Arthur Laffer

Arthur Laffer is an economist known for the Laffer Curve, which posits that there is an optimal tax rate that maximizes revenue without discouraging economic activity.