All of the Following Factors Are Important in Determining Whether

question 82

Multiple Choice

All of the following factors are important in determining whether an individual is required to file an income tax return, except:

• A)The taxpayer's filing status.
• B)The taxpayer's gross income.
• C)The taxpayer's total itemized deductions.
• D)The availability of the additional standard deduction for taxpayers who are elderly.
• E)None of the above.

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Definitions:

Public Good

A product or service that is made available to all members of a society, typically funded by the government, and characterized by non-excludability and non-rivalry.

External Cost

represents a negative spillover effect of an economic transaction on a third party who was not involved in the transaction.

External Costs

Costs that are not borne by the parties involved in economic transactions but are imposed on others, such as environmental pollution.

External Benefits

Advantages that accrue to individuals or society indirectly participating in an economic transaction or activity.