After Years of Working with the Orphanage and the Government,Walt

question 62

Multiple Choice

After years of working with the orphanage and the government,Walt and Kim adopted a little girl from China.The adoption process,which became final in January 2014,incurred the following qualified adoption expenses.What amount of adoption credit can Walt and Kim claim and in what year? Assume there is no credit limitation due to their AGI amount. 2013 $12,500
2014 $2,800

• A) $15,300 in 2013.
• B) $12,500 in 2013 and $2,800 in 2014.
• C) $13,190 in 2014.
• D) $15,300 in 2014.

Know the historical context of significant fiscal events and measures, including budget deficits and surpluses.

Comprehend the importance of the multiplier effect in fiscal policy.

Distinguish between automatic stabilizers and discretionary fiscal policies.

Recognize the effects of fiscal policy on recession and inflation.

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Definitions:

Industrialized Societies

Societies characterized by a high level of industrial activity, with a significant portion of the economy involved in manufacturing and services rather than agriculture.

Pyramid

A monumental structure with a square or triangular base and sloping sides that meet in a point at the top, used in ancient cultures as a tomb or temple.

Mexico City

The capital city of Mexico, known for its rich history, cultural significance, and as a major economic and political center in Latin America.

Population Pyramid

Is a graphic representation that shows the distribution of various age groups in a population, which forms the shape of a pyramid when the population is growing.