This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: When the current U.S. income tax system was instituted in 1913, the rate on the highest tax bracket ... (Read 34 times)

schs14

  • Hero Member
  • *****
  • Posts: 569
on: Jul 1, 2018
When the current U.S. income tax system was instituted in 1913, the rate on the highest tax bracket was _____.
 
  a. 28 percent
  b. 1 percent
  c. 15 percent
   d. 7 percent

Question 2

Define rent seeking. Is rent-seeking activity likely to be highly profitable in the long run? Why or why not?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

frejo

  • Sr. Member
  • ****
  • Posts: 349
Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

Rent seeking is using potentially productive resources to try and obtain transfers from the government. Rent seeking is not likely to be highly profitable in the long run because profits from rent seeking will encourage new rent seekers to enter the market. Increased competition for rents will reduce benefits from rent-seeking activity until they approximate a normal rate of return.


schs14

  • Member
  • Posts: 569
Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

tkempin

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

When intravenous medications are involved in adverse drug events, their harmful effects may occur more rapidly, and be more severe than errors with oral medications. This is due to the direct administration into the bloodstream.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

The female reproductive system, sagittal view showing organs of the system in relation to the urinar The female reproductive system, sagittal view showing organs of the system in relation to the urinar
Urinary System Urinary System
A schematic of the circulatory system illustrating the pulmonary circulation picking up oxygen from A schematic of the circulatory system illustrating the pulmonary circulation picking up oxygen from
The respiratory system is assessed for ventilatory changes. The respiratory system is assessed for ventilatory changes.
The Lymphatic System The Lymphatic System
Sonja is paid $42.50 per hour as a veterinarian. She is paid 1 times the regular rate for all ... Sonja is paid $42.50 per hour as a veterinarian. She is paid 1 times the regular rate for all ...
Video: Red alga life cycle Animation

For a complete list of videos, visit our video library