In Economics We Learn That

question 433

Multiple Choice

In economics we learn that

• A) tradeoffs allow us to have more of everything we value.
• B) tradeoffs allow us to avoid the problem of opportunity cost.
• C) opportunity costs are all of the possible alternatives given up when we make a choice.
• D) None of the above answers is correct.

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Definitions:

Adoption Credits

Tax credits provided to individuals who have incurred expenses related to the legal adoption of a child.

Form 8839

A tax form used by U.S. taxpayers to claim qualified adoption expenses, including attorney fees, court costs, and traveling expenses directly related to the legal adoption of a child.

Foreign Tax Credit

A tax credit that offsets the double taxation of income earned abroad, allowing taxpayers to credit foreign taxes paid against their U.S. tax liability.

Taxable Income

The amount of an individual's or corporation's income that is used to determine how much tax is owed to the federal government.