To Claim a 21-Year-Old Child as a Dependent in 2017

question 46

Multiple Choice

To claim a 21-year-old child as a dependent in 2017:

• A) The child must be a full-time student the entire year
• B) The child's income must be less than $4,050
• C) The child must be a full-time student for at least 5 months during the year
• D) Either (b) or (c)

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Definitions:

Actual Inflation

The observed increase in prices for goods and services in an economy over a period, typically measured as a percentage.

Unemployment Rate

The unemployment rate is the percentage of the labor force that is jobless and actively looking for employment.

Natural Rate

The rate of output at which an economy operates without inflationary pressures, often referred to as the natural rate of unemployment.

Phillips Curve

A concept in economics that indicates an inverse relationship between the rate of unemployment and the rate of inflation within an economy.