The Tax Reform Laws of 1981,1986, and 2001-2003 Were Significant

question 10

Multiple Choice

The tax reform laws of 1981,1986, and 2001-2003 were significant because they

• A)lowered the federal funds rate.
• B)made budget deficits illegal.
• C)significantly reduced the progressiveness of the federal income tax.
• D)significantly increased the progressiveness of the federal income tax.

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Definitions:

Geegaws

Ornamental objects of no substantial value, often considered trinkets or gadgets.

Doodads

Informal term for small objects or gadgets, often of little value and used for decoration or trivial purposes.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are close substitutes, leading to price determination by supply and demand.

Coconuts

Tropical fruits with a hard outer shell and milky interior, known for their versatility in food products and industrial uses.