The Main Source of Receipts for the Federal Government Is

question 109

Multiple Choice

The main source of receipts for the federal government is

• A)individual income tax.
• B)excise tax on gasoline and alcohol.
• C)corporate income tax.
• D)GST/HST revenues.

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Definitions:

Short-Run Equilibrium

Short-run equilibrium occurs when in a market, the quantity supplied equals the quantity demanded at the current price, before any long-term adjustments are made.

MR > MC

A situation in marginal analysis where the marginal revenue (MR) exceeds the marginal cost (MC), suggesting a potential increase in profitability by expanding production.

P > ATC

A scenario in which the price of a good is greater than the average total cost of producing that good, indicating potential profitability for the firm.

Short Run

A period in economic analysis where at least one input is fixed while others can be varied.