Special Agents of the Internal Revenue Service

question 14

Multiple Choice

Special agents of the Internal Revenue Service:

• A) are unarmed and have no regular police powers
• B) are trained at the National Academy of the FBI
• C) are armed and may execute search/arrest warrants and seize property
• D) are certified public accountants

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Definitions:

Substitutes

Goods or services that can replace each other in use, where an increase in the price of one leads to an increase in demand for the other.

Inferior Good

A type of good for which demand decreases as the income of consumers increases.

Demand Curve

A diagram that shows how the quantity of a product demanded by buyers changes according to its price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at various prices.