It Would Be More Reasonable to Use Annual Income Data

question 6

Multiple Choice

It would be more reasonable to use annual income data as an index of economic inequality if all of the households

• A) filed tax returns and thus all their income were known.
• B) were different with regard to their age and size characteristics.
• C) were more similar with regard to size, age, education, and other major factors that are linked to income.
• D) were more similar with regard to their hair color, height, and weight.

Analyze how personal situations impact estate planning.

Detail the steps for creating a digital estate plan, including a social media will.

Explain the consequences of dying without a will.

Understand the rules for writing a valid will.

---

Definitions:

Total Product

The overall amount of output produced by a firm over a given period of time.

Marginal Product

The additional output gained by employing one more unit of a particular input, keeping other inputs constant.

Bushels

A unit of volume that is used primarily in the United States for measuring agricultural commodities such as grains.

Long Run

An economic phase where all production elements and expenses can adjust completely, adapting to changes due to their variable nature.