If You Receive a Gift Whose Market Price Is $20

question 274

Multiple Choice

If you receive a gift whose market price is $20, but you consider it to be worth only $10, then

• A)there is a $10, or 50 percent, value gain.
• B)there may or may not be a value loss.
• C)there is a $10, or 50 percent, value loss.
• D)you can be relatively certain the giver was a sibling or other close relative.

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Definitions:

Salutary Neglect

A British policy in the early 18th century allowing the American colonies considerable freedom in economic matters, so long as this freedom did not conflict with British economic interests.

Sugar Act 1764

A British law that imposed a tax on sugar and molasses imported into the American colonies, contributing to growing tensions that led to the American Revolution.

Loyal Nine

A secret political organization formed in 1765 in Boston, aiming to fight against the imposition of British taxation and laws.

Quartering Act

A name given to a series of acts passed by the British Parliament in the 18th century, requiring local governments of the American colonies to provide housing and food for British soldiers.