Microeconomics Focuses on Decision Making by Individuals,businesses,industries,and Government

question 163

True/False

Microeconomics focuses on decision making by individuals,businesses,industries,and government.

---

Definitions:

Benefits-Received Principle

The concept that individuals should be taxed in proportion to the benefits they receive from government services.

Taxpayer Contributions

Monies paid into a government treasury by individuals or businesses for public use and services.

Public Expenditures

Money spent by the government on various services and projects for the public good.

Ability-to-Pay Principle

A principle in taxation that states taxes should be levied according to a taxpayer's ability to pay, typically implying higher taxes for those with higher income.