When Was the Last Time the Internal Revenue Code Was

question 53

Multiple Choice

When was the last time the Internal Revenue Code was recodified?

• A)1913
• B)1939
• C)1954
• D)1986

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Definitions:

Elasticity

A measure in economics that indicates how the quantity demanded or supplied of a product changes in response to a change in price.

Supply

Represents the total amount of a specific good or service that is available to consumers.

Income Elasticity

measures how much the quantity demanded of a good changes in response to a change in consumers' income.

Midpoint Method

A technique used in economics to calculate the percentage change between two values, averaging the initial and final values to estimate elasticity.