It’s the value of the next best alternative when a decision is made, so not the first desired choice, but the second one
Solution:
For order to apply to a child as a minor, the child must be either under the age of 19 or under the age of 24.
If the taxpayer or his spouse is deemed dependent on another tax return, the standard deduction which can be granted on the return of the taxpayer is usually limited to the higher of:
1. $1,050 or
2. The individual's earned income for the year plus $350(subject to standard deduction amount of $6,350, in general)
Here while preparing the tax returns of Adam and Amy, they have included April as a dependent. Therefore,April can be taken as a dependent in the tax return since April is still living on the support of her parents. But Adam can get standard deduction as limited as per the law in the return, disclosing April's income.
The standard deduction available is higher of
1. $1,050 or
2. $18,000+$350 but subject to $6,350
Therefore Adam can get a deduction of $6,350.
Answer:
credit rationing
Explanation:
Credit rationing is a situation in which borrowers give out a fixed amount of loan to lenders for a specified time at a rate tied to the market interest rate. In this situation, loans do not exceed a certain amount from the borrower no matter what attractive offers are given by the lenders to be able to get a larger loan amount. This is done by the borrower becasue the borrower is earning maximum profits from interest rates and also is a means to maintain equilibrum between loan funds and loan demands.
Cheers.
Answer:
C) wages and prices are often inflexible in the downward direction.
Explanation:
Even economists that believe in neoclassicism understand now that wages and prices are sticky. This means that even though economists used to believe that people would willingly accept a pay cut, they were completely wrong. Not a single person in the whole world is willing to accept cut without putting a fight for it. There are CEOs that say that their salary is only $1 per year, but their bonuses are $50 million.
Just imagine if your boss one day decides that since he wants to earn a higher profit, he will just lower your salary. Now you can relate your own personal experience with the experience of 150 million Americans, or 800 million Chinese, Japanese, Mexicans, etc., it's the same everywhere.
Something similar happens to prices, but with a little less drama. Many companies cannot simply decide one day to lower their price because their costs aren't lowered just because they them to. Net income is the equivalent of a company's salary, and even companies will not accept a pay cut.
Any amount of debt of late fines you owe
