Which of the Following Has Occurred for the United States

question 11

Multiple Choice

Which of the following has occurred for the United States since 1960?

• A)The ratio of exports to GDP (X / Y)and the ratio of imports to GDP (IM / Y)have both increased.
• B)X / Y has increased while IM / Y has decreased.
• C)X / Y has decreased and IM / Y has increased.
• D)X / Y has decreased and IM / Y has decreased.

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Definitions:

Taxable Income

The amount of income used to calculate how much the tax will be for an individual or a corporation, after all deductions and exemptions.

Tax Liability

The total amount of tax owed to the IRS by an individual or business for a given tax year.

Income Tax Formula

The calculation used to determine the amount of income tax that an individual or entity owes to the government.

Taxpayers

Persons or organizations required to remit taxes to a government at the federal, state, or local level.