Suppose the Only Revenue Taken in by the Government Is

question 95

Multiple Choice

Suppose the only revenue taken in by the government is in the form of income tax, and the tax rate is 10 percent. If aggregate income is $800 billion, and government outlays are $100 billion, then the government budget has

• A) a deficit of $20 billion.
• B) a surplus of $20 billion.
• C) neither a surplus nor a deficit.
• D) a deficit of $80 billion.

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Definitions:

Material Difference

A substantial and significant variation or discrepancy that affects the value or function of an item or agreement.

Grumbling Acceptance

Reluctant or unwilling acceptance of an outcome or condition while expressing dissatisfaction or discontent.

UCC Section 2-207

UCC Section 2-207 deals with the "battle of the forms" or how contracts and terms are treated when there is an exchange of incongruent or additional terms in business contracts.

Material Terms

The essential details and provisions of a contract that affect the rights and obligations of the parties involved.