The IRS Was Established by Congress on July 1, 1862

question 2

True/False

The IRS was established by Congress on July 1, 1862, tomeet the fiscal needs of the Civil War.

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Definitions:

Price Level

A measure of the average prices of goods and services in the economy at a given time, often compared to a base year to assess inflation or deflation.

Aggregate Demand Curve

The total demand for all goods and services in an economy at different price levels, typically downward sloping, indicating an inverse relationship between price level and demand.

Price Level

The mean of current prices for all goods and services created within the economy.

Rate of Inflation

The percentage increase in the general level of prices for goods and services in an economy over a given period.