Personal Expenditures That Are Deductible as Itemized Deductions Include Medical

question 22

True/False

Personal expenditures that are deductible as itemized deductions include medical expenses, Federal income taxes, state income taxes, property taxes on a personal residence, mortgage interest, and charitable contributions.

---

Definitions:

Physical Capital

Tangible assets used in the production of goods and services, such as machinery, buildings, and equipment.

Production Possibilities Curve

A graph that shows the different quantities of two goods that an economy can produce using all of its resources efficiently.

Scarcity

Fundamental concept of economics that indicates that there is less of a good freely available than people would like.

Production Possibilities Curve

A graphical representation that shows the maximum combination of goods or services that can be produced with a fixed amount of resources.