At the Beginning of the Year, Your Wealth Is $10,000

question 127

Multiple Choice

At the beginning of the year, your wealth is $10,000. During the year, you have an income of $90,000 and you spend $80,000 on consumption goods and services. You pay no taxes. Your wealth at the end of the year is

• A)$20,000.
• B)$0.
• C)$90,000.
• D)$100,000.
• E)$10,000.

---

Definitions:

Price-fixing

Price-fixing is an illegal agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand.

State Law

The body of law that is created by and specific to the individual states in a country, as opposed to federal law which is applicable across the entire country.

Interstate Agreements

Contracts or treaties between two or more states within a federation like the United States, often requiring federal approval.

Intrastate Agreements

Agreements or contracts that occur within the same state, subject to the state's laws and not impacting interstate commerce.