Supply-side economists argued that, given existing tax laws, the high

Supply-side economists argued that, given existing tax laws, the high inflation of the 1970s

a. lowered the effective tax rate on corporate income.
b. did not have any effect on the aggregate supply curve.
c. raised the effective tax rate on corporate income.
d. may have raised but probably lowered the effective tax rate on corporate income.
e. both b and c.

ANSWER

C