Which of the Following Is Primary Authority on Which to Base

question 75

Multiple Choice

Which of the following is primary authority on which to base research conclusions?  

• A) This textbook
• B) An editorial explanation in a commercial tax service
• C) A Treasury regulation
• D) A treatise written by a tax attorney and published in a legal journal

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Definitions:

Idle Resources

Resources in an economy that are not being fully utilized, often leading to inefficiency.

Output

The total amount of goods and services produced by an economy or a production process.

Guns And Butter

A term used in economics to represent the trade-off between a nation's investment in defense and civilian goods.

Increasing Opportunity Cost

A situation where producing more of one good or service leads to a larger increase in foregone production of another good or service.