Identify Which of the Following Statements Is False

question 93

Multiple Choice

Identify which of the following statements is false.

• A)The "blockage" regulations allow the IRS to prevent the estate's executor from electing the alternate valuation date.
• B)If the alternate valuation date is elected, changes in value that occur solely because of a "mere lapse of time" usually are to be ignored.
• C)The alternate valuation date can be elected for estate tax purposes only if the election decreases the value of the gross estate and estate tax liability (after reduction for credits).
• D)If property is sold within 6 months of the date of death, the alternative valuation date is the date of sale.

Identify the criteria for a good economic theory and the importance of predictions.

Distinguish between microeconomics and macroeconomics topics.

Understand the role and types of assumptions in economic models.

Differentiate between positive and normative economic statements.

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Definitions:

Free Trade

An economic policy that allows imports and exports between countries with minimal or no tariffs, quotas, subsidies, or prohibitions to encourage international trade.

Protection

Policies or measures taken by a government to shield its domestic industries from foreign competition, often involving tariffs or quotas.

Gasoline Prices

The cost per unit of gasoline, influenced by factors such as crude oil prices, refinery processes, taxes, and demand.

The Decline

A period during which economic activity decreases or is expected to decrease.