The Earned Income Tax Credit is
A. a non-refundable tax credit.
B. a very simple program that is widely understood.
C. only a small program and claimed by very few households annually.
D. available only to low-income families.
Answer: D
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The aggregate supply curve is a(n) ________ curve because it represents the relationship between price level and the quantity of real GDP supplied, two items that are ________ correlated
A) upward-sloping; positively B) vertical; not C) upward-sloping; negatively D) downward-sloping; negatively E) downward-sloping; positively
Supply tends to be more elastic in the short run and more inelastic in the long run
a. True b. False Indicate whether the statement is true or false
The theory of efficiency wages suggests that
a. above-equilibrium wages increase worker productivity. b. workers with higher levels of education earn more than workers with lower levels of education. c. workers signal their high ability to potential employers by completing formal years of schooling. d. union workers earn more than nonunion workers.
A government action that can help correct positive externalities is
A) a tax on producers of the good that provides external benefits. B) a subsidy to consumers of the good that provides external benefits. C) an effluent fee charged to producers of the good that provides external benefits. D) regulations aimed at reduced production by sellers of the good that provides external benefits.