MrAnd MrsLansing,who File a Joint Tax Return,have Four Dependent Children Under

question 15

Multiple Choice

Mr.and Mrs.Lansing,who file a joint tax return,have four dependent children under age 17.Which of the following statements is false?

• A)If the Lansings' AGI is $77,900,their child credit is $4,000.
• B)If the Lansings' AGI is $127,300,their child credit is $3,100.
• C)If the Lansings' AGI is $196,000,their child credit is zero.
• D)None of the above is false.

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Definitions:

Decline

A decrease in the quantity, quality, or level of something over time.

Constant-Cost Industry

An industry in which the cost of production does not change as the industry's output changes.

Long-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a period long enough for firms to enter or exit the market.

Prices of Resources

The costs associated with acquiring the inputs needed for production, such as labor, raw materials, and capital.