The United States' first income tax was imposed during
(a) the American Revolutionary War (1763–1789).
(b) the Civil War (1861–1865).
(c) the 1930's Great Depression.
(d) World War II (1939–1945).
(b)
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Which of the following is one reason why the income of small family farms has decreased over time?
A) The demand for farm products is price elastic. B) The U.S. population has increased greatly since 1950. C) The demand for farm products is income inelastic. D) Technology has increased farm productivity and market supply.
Complete Milton Friedman's famous statement, "Inflation is always and everywhere a ________ phenomenon."
A) recessionary B) discretionary C) repressionary D) monetary
The phone network says it loses money on local calls, because the $20 average monthly bill does not cover its average cost of $30. It estimates that $18 of costs are directly related to local service, with $12 the share from overall expenses (overhead). Why would the phone network be willing to operate if it is losing money?
What will be an ideal response?
The Lorenz curve shows the
a. functional distribution of income b. personal distribution of income c. relative percentage of income going to each of the resources d. demand for unskilled versus unskilled labor e. cumulative percentage of income received by cumulative percentages of households