The Balance of Payments Is

question 34

Multiple Choice

The balance of payments is

• A) when people with high incomes pay a higher percentage of their income in taxes than do low-wage earners.
• B) when all income earners pay the same percentage of their income in taxes.
• C) when taxes are based on factors other than income, such as tax breaks for the elderly.
• D) the annual difference between payments and receipts between a country and its trading partners.
• E) the annual difference between what the government takes in (revenue) and what it spends (expenditures)

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