On Occasion, Congress Has to Enact Legislation That Clarifies the Tax

question 157

True/False

On occasion, Congress has to enact legislation that clarifies the tax law in order to change a result reached by the U.S.Supreme Court.

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Definitions:

Marginal Product

The increase in output that results from an additional unit of input.

Returns to Scale

Refers to the rate at which output increases as inputs are proportionately increased, categorizing into increasing, constant, or decreasing returns.

Carpet Industry

The sector of the economy specialized in the manufacture and sale of carpets and rugs.

Mills

Factories or plants that process and manufacture products from raw materials.