What is the Earned Income Tax Credit?
What will be an ideal response?
The Earned Income Tax Credit (ETC) allows families with children a credit equal to a percentage of all wage and salary income against their income taxes.
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Which of the following is not a market failure?
a. A lack of competition in some markets. b. Prices determined in competitive markets, which consumers, as individuals, have no control over. c. The presence of externalities in some markets. d. A lack of public goods desired by a majority of citizens. e. Income inequality.
Answer the following statements true (T) or false (F)
1. Automatic payroll deductions help people to fight their time inconsistency problem with regards to saving. 2. Self-control problems, say among people on a diet, is caused by the cognitive bias known as time inconsistency. 3. Sellers' sense of fairness in pricing can sometimes lead them to pricing-decisions that do not maximize profits. 4. Sellers' sense of fairness is always consistent with the notion of rational self-interest of neoclassical economics. 5. The idea of "nudging" people into certain choices is one major contribution of behavioral economics to policy-making.