The Earned Income Tax Credit is
A. a non-refundable tax credit.
B. a very simple program that is widely understood.
C. available only to low-income families.
D. only a small program and claimed by very few households annually.
Answer: C
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A landlord rents his rat-infested apartment for $700 per month for a total of twelve months this year. What happens to GDP?
A) It increases by $8,400. B) It increases by the difference between the rent charged and the price of any maintenance and repairs. C) It decreases by $8,400. D) Nothing.
If nominal GDP in 2012 was less than real GDP in 2012, we know for certain that
A) the price level in 2012 was greater than the price level in the base year. B) real GDP in 2012 was greater than real GDP in the base year. C) the price level in 2012 was less than the price level in the base year. D) real GDP in 2012 was less than real GDP in the base year.
If the labor demand decreases, what will happen to the real wage, employment, and output, assuming no change in the labor supply?
a. The real wage will increase, employment will decrease, and real output will increase. b. The real wage will decrease, employment will decrease, and real output will increase. c. The real wage will increase, employment will decrease, and real output will decrease. d. The real wage will increase, employment will increase, and real output will increase. e. The real wage will decrease, employment will decrease, and real output will decrease.
If a firm goes bankrupt, the bondholders will get paid back before the stockholders get any money
a. True b. False Indicate whether the statement is true or false