Jerry and Lana Are Married and Have Two Children Ages

question 160

Multiple Choice

Jerry and Lana are married and have two children ages 12 and 10.Their adjusted gross income for 2013 is $124,000.What amount can they claim for the child tax credit?

• A)$ 200
• B)$ 800
• C)$1,000
• D)$1,300
• E)$2,000

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Definitions:

Von Neumann-Morgenstern

A theory of expected utility that describes how rational individuals choose among uncertain prospects, emphasizing the maximization of utility for decision-making under uncertainty.

Utility Function

A mathematical representation in economics that portrays an individual's preference ranking for different bundles of goods or outcomes.

Expected Utility

A theory in economics that calculates the utility expected from different choices to assess risk and make decisions.

Income

The financial gain that an individual or business receives, usually from employment, business activities, or investments.