Economic Models Are

question 18

Multiple Choice

Economic models are:

• A)set up and used to duplicate reality.
• B)useless if they are simple.
• C)made generally of wood, plastic, and/or metal.
• D)often useful in forming economic policy.

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Definitions:

Qualifying Individual

A person who meets specific requirements set by a legal system or government program, often for tax purposes or eligibility for benefits.

Taxpayer

An individual or entity that is obligated to pay taxes to a federal, state, or local governmental agency.

Congress

The legislative body of the United States federal government, consisting of two houses: the Senate and the House of Representatives.

Tax Credits

Amounts that can be subtracted directly from taxes owed to the government, reducing the total tax liability.