Use the Following Diagram to Answer the Following Questions

question 67

Multiple Choice

Use the following diagram to answer the following questions.

-Refer to Unit. The equilibrium price and quantity of housing is:

• A) $80,000 and 10,000, respectively.
• B) $85,000 and 20,000, respectively.
• C) $90,000 and 10,000, respectively.
• D) $90,000 and 30,000, respectively.

---

Definitions:

Form 1116

A tax document used to claim foreign tax credit that reduces double taxation by the United States on income earned abroad.

Passive Income

Income earned from rental property, limited partnerships, or other enterprises in which a person is not actively involved.

Foreign Tax Credit

A nonrefundable tax credit for income taxes paid to a foreign government as a result of foreign income tax withholdings.

Taxable Income

The portion of an individual's or a corporation's income that is subject to taxation by the government after deductions and exemptions.