Mr and Mrs

question 67

Multiple Choice

Mr. and Mrs. Jelk file a joint return. They provide 65% of the financial support for David, the 14-year old son of a friend who died three years ago. David lives in the home of his aunt Sarah, who provides 35% of his financial support. Which of the following statements is true?

• A)David is a qualifying child of the Jelks.
• B)If David earns less than $3,900 gross income this year, he is a qualifying child of the Jelks.
• C)If David earns less than $3,900 gross income this year, he is a qualifying relative of the Jelks.
• D)David is neither a qualifying child nor a qualifying relative of the Jelks.

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Definitions:

Output Level

The quantity of goods or services produced by a business or economy during a specific period.

Revenue Curves

Graphical representations that show how a firm's revenue changes in response to changes in price, holding other factors constant.

Total Revenue

The overall amount of money earned by a company from the sale of its goods or services, calculated as the price per unit times the number of units sold.

Price Charged

Price charged refers to the amount of money levied on a product or service by a seller, which the buyer must pay to complete the transaction.