Curly and Rita Are Married, File a Joint Return, and Have

question 48

Multiple Choice

Curly and Rita are married, file a joint return, and have two dependent children, ages 11 and 13. Their AGI is $117,000. By how much is their child credit reduced in 2014?

• A)$0
• B)$300
• C)$350
• D)$700
• E)$7,000

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Definitions:

Labor Force

The total number of people who are employed and unemployed but seeking work within an economy.

Price Level

The overall cost of goods and services expressed as an index, which helps to compare different periods' economic conditions.

Long-Run Aggregate Supply

The total amount of goods and services produced in an economy at full employment, unaffected by price levels in the long term.

Nominal Wage

The wage that is paid to workers in current dollars, without adjustment for inflation.