If We Look at the Percentage of Total Tax Revenue

question 75

Multiple Choice

If we look at the percentage of total tax revenue collected by different taxes in the United States,we see that

• A) personal income taxes are the largest.
• B) Social Security taxes are the largest.
• C) excise taxes, while not the largest, are second only to Social Security taxes.
• D) sales taxes are the smallest.
• E) corporate income taxes are by far the largest.

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Definitions:

Foreign Currency

Currency used in a country other than one’s own, representing a medium of exchange for goods and services in that foreign country.

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price over a specific period.

Direct Quote

A foreign exchange rate quoted as the domestic currency per unit of a foreign currency.

Forward Contract

A non-standardized agreement between two parties to buy or sell an asset at a specified future date at a price agreed upon today.