Which of the Following Statements Regarding the Child Tax Credit

question 67

Multiple Choice

Which of the following statements regarding the child tax credit is false?

• A)The child for whom the credit is claimed must be under the age of 15 at the end of the year.
• B)The credit is subject to phase-out based on the taxpayer's AGI.
• C)The full credit for a child who qualifies is $2,000.
• D)The child for whom the full credit is claimed must meet the definition of a qualifying child.

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Definitions:

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Perfectly Inelastic Demand

A situation in which the demand for a product does not change as the price changes.

Perfectly Elastic Supply

describes a market situation where the quantity supplied can change infinitely in response to any change in price.

Elastic Demand

A situation where the demand for a product significantly changes in response to changes in the product's price.