Author Question: Describe the major sources of tax revenue and expenditures for the federal ... (Read 49 times)

shenderson6 · **on:** Jun 30, 2018

Describe the major sources of tax revenue and expenditures for the federal government.

Question 2

The infant-industry argument about tariffs argues that:
a. it is unfair to levy tariffs on items intended for use by infants.
b. tariffs should be levied on foreign products that compete with new domestic industries only in the short run.
c. if a newly established domestic industry can survive in the short run, a tariff should be levied to protect it from foreign competition in the long run.
d. permanent tariffs should be levied on foreign products that compete with those produced by newly established domestic industries.

kbennett34 · **Reply #1 on:** Jun 30, 2018

Answer to Question 1

The major source of tax revenue to the federal government is personal income taxes. The major expenditure is on income security.

Answer to Question 2

b