In the United States, Texas Ranks Number One in the Amount

question 267

Multiple Choice

In the United States, Texas ranks number one in the amount of installed megawatts for wind power generation and Florida ranks number one in the number of beach vacations. These facts point out that

• A) Texas has a comparative advantage in wind power generation.
• B) Texas definitely has an absolute advantage in wind power generation.
• C) Florida should produce more wind energy.
• D) Florida can produce wind energy at a lower opportunity cost than can Texas.

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Definitions:

Itemized Deduction

Deductions that taxpayers can claim for certain personal expenses, instead of taking a standard deduction. These can include expenses for healthcare, taxes, interest, and gifts to charity.

Foreign Tax Credit

A nonrefundable tax credit for income taxes paid to a foreign government, aimed at reducing double taxation.

Qualified Adoption Expenses

include necessary costs directly related to and for the principal purpose of the legal adoption of a child, which under certain circumstances, can be tax deductible.

Adoption Credit

A tax credit that offsets qualified adoption expenses, making adoption financially feasible for more families.