The United States corporate income tax is progressive.
Answer the following statement true (T) or false (F)
True
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The purpose of the Earned Income Tax Credit Program (EITC) is to
A. provide in-kind services such as food stamps and public housing to those individuals who have poor credit. B. provide rebates of Social Security taxes to low-income workers. C. encourage low- and moderate-income workers to take second jobs to increase their income. D. give tax credits to low-income individuals who do volunteer work in their communities.
Suppose that in 2018, all prices in the economy double and that all wages and salaries also double. In 2018 you
A) are worse off than you were in 2017 as you can no longer afford to buy as many goods and services. B) are better off than you were in 2017 as your salary is higher than it was in 2017 and you can now buy more goods and services. C) are no better off or worse off than you were in 2017 as the purchasing power of your salary has remained the same. D) cannot determine whether you are better off or worse off than you were in 2017, because the purchasing power of your salary cannot be determined.
If U.S. quotas on imported sugar were eliminated,
A. The demand for sugar in the United States would shift to the left and prices would fall. B. The world price of sugar would rise. C. The supply of sugar in the United States would shift to the left and prices would rise. D. The supply of sugar in the United States would shift to the right and sugar prices would fall.
Potential GDP in the United States
A) declines over time. B) changes over a given business cycle. C) does not change over time. D) grows as the economy grows.