One of the advantages of international trade is that it
Increases world output
Encourages economic independence among nations
Restricts spread of technical knowledge
Promotes self-reliance and satisfaction with only what can be produced internally
Correct answer is A
No explanation has been provided for this answer.
Personal distribution of income implies
The way in which income is distributed among specific households or spending units
The distribution of income according to basic resources
Dividing income according to industries
Dividing income between personal taxes, consumption expenditures and savings
Correct answer is A
No explanation has been provided for this answer.
The average tax rate is defined as
Total tax rate less the marginal tax rate
The tax rate which applies to additional value income
The ratio of total taxes paid to total income
Marginal tax rate for being progressive
Correct answer is C
No explanation has been provided for this answer.
Budget deficit is the amount by which
Total expenditure exceeds revenue
Recurrent expenditure exceeds revenue
Capital expenditure exceeds revenue
Recurrent expenditure exceeds capital expenditure
Correct answer is A
Budget deficit is the amount by which a government's expenditures such as defense, social security, science, energy and expenditure on infrastructure, etc. exceed its total income which comes principally from taxes, duties.
A tax that takes an increasing fraction of income as income goes down is called
Conditional
Regressive
Progressive
Proportional
Correct answer is B
No explanation has been provided for this answer.