In 1968, the Johnson Administration Passed a Temporary Surcharge on the Personal

question 16

Multiple Choice

In 1968, the Johnson administration passed a temporary surcharge on the personal income tax. Which of the following most closely describes the public's response?

• A) Consumers significantly increased consumption by drawing down their savings.
• B) Consumers significantly decreased consumption and began saving even more.
• C) Consumers only minimally increased consumption while saving less.
• D) Consumers decreased savings while maintaining the similar consumption levels.
• E) Consumers significantly decreased both savings and consumption.

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