In Year 1, Inventories Rose by $25 Billion

question 37

Multiple Choice

In Year 1, inventories rose by $25 billion.In Year 2, inventories fell by $20 billion.In calculating total investment, national income accountants would have:

• A)decreased it by $25 billion in Year 1 and increased it by $20 billion in Year 2.
• B)decreased it by $25 billion in Year 1 and increased it by $5 billion in Year 2.
• C)increased it by $25 billion in Year 1 and decreased it by $5 billion in Year 2.
• D)increased it by $25 billion in Year 1 and decreased it by $20 billion in Year 2.

Recognize the criteria for claiming the child tax credit and credit for child and dependent care expenses.

Identify the phase-out income ranges for various tax credits.

Differentiate between refundable and nonrefundable tax credits.

Describe the qualifying expenses for education-related tax credits.

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Definitions:

Noncompliance

Failure or refusal to act in accordance with a law, regulation, or set of standards.

Point Sources

Specific, identifiable sources of pollution, such as a pipe, ditch, ship, or factory smokestack from which pollutants are discharged.

EPA's Clean Air Act

A comprehensive federal law established by the Environmental Protection Agency that regulates air emissions from stationary and mobile sources to control air pollution.

Navigable Waters

Bodies of water that are deep and wide enough for navigation by watercraft, often subject to public right of use and federal regulatory authority.