The earned income tax credit (EITC) is an earnings subsidy for low-income households.
Answer the following statement true (T) or false (F)
True
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Price controls date back to
A. World War II. B. the U.S. Revolutionary War. C. thousands of years, at least back to ancient Babylonia. D. the 1970s. E. the last 20 years.
A monopolistically competitive firm will end up selling its output for a price such that its
A) price is greater than marginal cost. B) price is equal to marginal cost. C) price is equal to marginal revenue. D) price is equal to average total cost.
The table above shows the amounts of cloth and cheese that China and Pakistan can produce in an hour. Which country has the comparative advantage in cloth and which country has the comparative advantage in cheese?
What will be an ideal response?
Which of the following is an application of the adverse-selection problem?
a. a customer driving more recklessly after buying car insurance. b. a teenager "hanging out" with friends his or her parents do not approve of. c. shareholders offering a high-powered incentive contract to a manager. d. an auto repairman claiming that the repairs are more extensive than they actually are.