When the current U.S. income tax system was instituted in 1913, the rate on the highest tax bracket was _____
a. 28 percent
b. 1 percent
c. 15 percent
d. 7 percent
d
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An agreement among countries about how relative currency values should be determined is known as
A) an exchange rate system. B) an international currency market. C) a free-trade arrangement. D) a parity intervention.
Total surplus or gains created from trade equal
a. Seller surplus b. Buyer surplus c. The summation of seller and buyer surplus d. Profits earned by a firm
The Monetary Control Act of 1980:
a. extended the Fed's authority to impose required-reserve ratios on all depository institutions. b. excluded the required-reserve ratios as an instrument of short-term policy. c. provided the Fed with the authority to use open market operations. d. all of the above. e. none of the above.
In the short run, ATC is not always higher than
a. AVC b. AFC c. MC d. Zero