Full question:
Indicate whether the following statements are "True" or "False" regarding the concept of gross income.
a. While the Constitution grants Congress the power to tax income, it does not define the term.
b. The Supreme Court has held that there is no income subject to tax until the taxpayer has recovered the capital invested.
c. Economists measure income (economic income) by first determining the fair market value of the individual's net assets (assets minus liabilities) at the beginning and end of the year (change in net worth).
d. Accounting and tax rules regarding income are the same.
e. The accounting concept of income is founded on the realization principle.
f. Gross income is not limited to cash received.
Answers:
a. True
b. True
c. True
d. False
e. True
f. True
Explanation:
1.The constitution of the United States allows for power to tax income however it doesn't define tax.
2.income is not subject to tax until there is profit from capital invested as ruled by the Supreme Court of the United States
3. Measurement of income in Economics involves applying the concept of fair value to measure income at the beginning and end if the year and notice any changes that may have occurred
4. Accounting and tax rules regarding income are not the same. Accounting however complies with tax rules for accounting purposes.
5.the realization principle involves income earned or losses incurred(not necessarily received in cash or given out)
6.Gross income encompasses all(recognizable) earned income for the period(cash or not)
Answer:
an implicit agreement among the members of a society to cooperate for social benefits, for example by sacrificing some individual freedom for state protection. Theories of a social contract became popular in the 16th, 17th, and 18th centuries among theorists such as Thomas Hobbes, John Locke, and Jean-Jacques Rousseau, as a means of explaining the origin of government and the obligations of subjects.
Explanation:
Answer: Observational learning
Explanation:
Here, in this particular case our learning is most likely to be an example of the <em>observational learning</em>. Observational learning is referred to as the learning that tends to take place through monitoring the behavior and activities of the other individuals. It is most commonly known as the form of cordial learning that further takes various forms. Here, the process on switching on the TV and changing channel could have been learned from watching his/her parents.
Answer:
The tragedy of the commons
<h3>What is meant by the tragedy of the commons?</h3>
- The tragedy of the commons refers to a situation in which individuals with access to a public resource (also called a common) act in their own interest and, in doing so, ultimately deplete the resource.
- This economic theory was first conceptualized in 1833 by British writer William Forster Lloyd.
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Answer:
The German confederation of 39 states that had been set up by Napoleon was left untouched.
