In 1913,to Offset the Loss of Revenues from Other Legislation,Congress

question 76

Multiple Choice

In 1913,to offset the loss of revenues from other legislation,Congress

• A) passed a graduated income tax.
• B) decided to inflate the currency.
• C) increased business regulatory fees.
• D) raised the tariff on agricultural goods.
• E) passed heavy excise taxes on alcohol and tobacco.

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Definitions:

Substantial Losses

Significant financial deficits encountered by a business, usually indicating a much greater extent of economic damage beyond normal losses.

Output Contract

An agreement between a producer and a buyer to sell and purchase a specific amount of output at a specified price.

Specialization

The process of focusing efforts on a specific activity, product, or service to gain efficiency or quality improvements.

Economically Beneficial

Describes actions, policies, or activities that result in a positive impact on economic well-being, efficiency, or growth.