Woodrow Wilson's Economic Reforms

What was the primary goal of President Wilson's efforts to reduce tariffs in 1913?

• To increase government revenue

• To promote international trade

• To weaken the power of big businesses

• To strengthen the military

What was the Revenue Act of 1913 also known as?

• The Wilson Act

• The Sixteenth Amendment

• The Federal Reserve Act

• The Underwood Act

What did the Sixteenth Amendment legalize in 1913?

• The establishment of the Federal Reserve

• The use of an income tax

• The reduction of tariffs

• The creation of a national bank

By 1917, what had become a more significant source of federal revenue than tariffs?

• Income tax

• Corporate taxes

• Sales tax

• Property tax

What was the purpose of the Federal Reserve Act of 1913?

• To establish a national currency

• To decentralize and stabilize the banking system

• To create a centralized banking system

• To regulate international trade