Economists Have Helped Modify the Debate Over the Environment

question 51

Multiple Choice

Economists have helped modify the debate over the environment

• A) by pointing out that nature is invaluable.
• B) by focusing discussion on issues of resource allocation.
• C) by lobbying Congress for acid rain legislation.
• D) by arguing against tradeable permits for pollution.

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Definitions:

Payroll Tax Expense

Tax that a business must pay based on the wages and salaries of its employees, including social security, Medicare, and unemployment taxes.

FICA

The Federal Insurance Contributions Act, which funds Social Security and Medicare, requiring employers and employees to pay a percentage of earnings.

Look-Back Period

A period of time used to determine whether a business should make its Form 941 tax deposits on a monthly or semiweekly basis. The IRS defines this period as July 1 through June 30 of the year prior to the year in which Form 941 tax deposits will be made.

Form 941

A tax form used by employers to report federal withholdings from employee wages, including Social Security and Medicare taxes.