The Largest Single Source of Total Tax Receipts of the Federal

question 12

Multiple Choice

The largest single source of total tax receipts of the federal government is:

• A)personal income taxation
• B)death and gift taxation.
• C)corporation income taxation.
• D)sales taxation.
• E)social security taxation.

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Definitions:

Perfect Competition

A market structure characterized by many buyers and sellers, homogeneous products, free entry and exit, and full information.

Monopolistic Competition

A market structure marked by many competing firms offering products or services that are similar, but not perfect substitutes.

Oligopoly

A market structure characterized by a small number of firms controlling a large portion of the market share, leading to limited competition.

Long-run Equilibrium

A state in which all factors of production and costs are variable, and all firms in an industry are making normal profit, resulting in market stability over time.