Which of the Following Is a Responsibility of the Treasury

question 79

Multiple Choice

Which of the following is a responsibility of the Treasury Department?

• A) to prepare the president's budget
• B) to provide Congress with economic data
• C) to make changes to the U.S. tax code
• D) to collect taxes, duties, and money due to the United States
• E) to make recommendations to the Justice Department about prosecuting individuals who may have knowingly violated federal tax laws

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive in the market.

Allocative Efficiency

A state of resource allocation where goods and services are distributed according to consumer preferences in a way that maximizes utility.

External Benefits

Advantages that result from a product or service's use that affect someone other than the direct consumer or producer, often justifying government intervention.

Consumption

The process by which goods and services are used by households and individuals, leading to a decrease in their availability.