In 1975, Congress passed a tax rebate to spur consumer spending. Consumers:
a. spent the entire amount of the tax savings, boosting the economy, as planned
b. did not spend any of the amount of the tax savings
c. saved a substantial share of the tax savings and spent the rest
d. saved a small portion of the tax savings, and spent the rest
c
Economics
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If demand for a product is perfectly inelastic, a change in price will not change total revenue
Indicate whether the statement is true or false
Economics
When the government wants to give an exclusive right to one firm to produce a product, it
A) uses antitrust laws to keep other firms from entering the market. B) imposes a tariff on imports of the product. C) imposes a quota on imports of the product. D) grants a patent or copyright to an individual or firm.
Economics