In the United States, taxpayers are allowed to exclude from taxation a certain amount of income, called
A) the personal income exclusion. B) the personal exemption.
C) the income tax credit. D) the income allowance.
B
You might also like to view...
________ is the total value of final goods and services produced within the borders of a country, using market prices from a specific base year to determine the value of each unit that is produced
A) Real gross domestic product B) Gross national product C) Total product D) Nominal gross domestic product A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP.
If the economy is at full employment
A) the entire population is employed. B) the entire labor force is employed. C) the only unemployment is frictional unemployment plus discouraged workers. D) real GDP equals potential GDP.