Which of the Following Is Characteristic of Subsistence Farming

question 65

Multiple Choice

Which of the following is characteristic of subsistence farming?

• A)human labor and draft animals
• B)monoculture
• C)feedlots to raise many animals in a small space
• D)large amounts of fossil fuels during cultivation and harvesting
• E)industrialized agriculture

Recognize how individual spending influences the income of others in the economy.

Understand the concept of public goods and externalities as challenges to market efficiency.

Appreciate the significance of individual choices in the efficient allocation of resources.

Understand the conditions under which markets may fail and the role of policy in addressing these failures.

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Definitions:

Tax Liability

The total amount of taxes owed by an individual, corporation, or other entity to a taxing authority, such as the IRS.

Qualified Dividend

Dividend payments to shareholders from profits of a corporation that meet specific criteria to qualify for reduced tax rates.

Taxable Income

Income subject to tax, calculated by taking gross income and subtracting allowable deductions, exemptions, and adjustments.

Estate Tax Work

Related to the processing and handling of taxes due on the transfer of property from the deceased to the beneficiaries.