David's Father Is Retired and Receives $14,000 Per Year in Social

question 50

Multiple Choice

David's father is retired and receives $14,000 per year in social security benefits.David's father saves $4,000 of the benefits and spends the remaining $10,000 for his support.How much support must David provide for his father to meet the dependent support requirement?

• A)$10,000
• B)$10,001
• C)$14,000
• D)$14,001

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Definitions:

Social Institutions

Organized patterns of beliefs and behavior centered on basic social needs, such as the family, education, government, and religion.

Norms

Socially accepted rules of behavior that dictate the expected conduct of individuals within a group or society.

Scarcity

A fundamental economic problem of having seemingly limitless human wants in a world of limited resources, which leads to the necessity of making choices on how to allocate resources efficiently.

Rewarded

Pertains to receiving a benefit or compensation in return for an action or service.