Identify Which of the Following Statements Is False

question 55

Multiple Choice

Identify which of the following statements is false.

• A) Taxable pensions and annuities are excluded from the definition of earned income when computing the foreign- earned income exclusion.
• B) An individual meets the bona fide resident test by establishing a home in a foreign country for 330 days.
• C) Earned income is excludable from gross income only if it is foreign- source income.
• D) All of the above are false.

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Definitions:

Price Floor

A government- or group-imposed price control or limit on how low a price can be charged for a product, good, commodity, or service.

Supply Function

A mathematical relation showing the amount of goods a supplier is willing and able to provide to the market at various prices, holding all other factors constant.

Demand Function

A demand function quantifies the relationship between the price of a good and the quantity demanded by consumers, holding other factors constant.

Supply Curve

A supply curve graphically represents the relationship between the price of a good and the quantity of the good that producers are willing and able to supply, typically sloping upwards.