Which of the following was a basic feature of the Tax Relief Act of 2001?
A. Tax relief for the rich.
B. More tax brackets.
C. Reduced marginal rates.
D. A shift from corporate to personal taxes.
Answer: C
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When housing prices fall, as they did beginning in 2006 following the housing market bubble, consumption spending on furniture, appliances, and home improvements ________ as many households found it ________ to borrow against the value of their homes
. A) increased; easier B) declined; harder C) increased; harder D) declined; easier
The automatic mechanism can best be described as:
A) the process of the economy adjusting back to potential GDP without any action taken by the government B) the result of monetary policy implemented by the Fed restoring full employment C) how fiscal policy is used to return the economy to its potential D) using rule-based policies to stabilize the economy
Public goods, when left to the private market will be:
A. oversupplied. B. overconsumed. C. underconsumed. D. undersupplied.
Which of the following statements explains the difference between diminishing returns and diseconomies of scale?
A) Diminishing returns are the result of changes in explicit costs. Diseconomies of scale are the result of changes in explicit costs and implicit costs. B) Diminishing returns refer to production while diseconomies of scale refer to costs. C) Diminishing returns cause a firm's marginal cost curve to rise; diseconomies of scale cause a firm's marginal cost curve to fall. D) Diminishing returns apply only to the short run; diseconomies of scale apply only in the long run.