Lewis,who Is Single,is Claimed as a Dependent on His Parents

question 107

Multiple Choice

Lewis,who is single,is claimed as a dependent on his parents' tax return.He received $2,000 during the year in dividends,which was his only income.What is his standard deduction?

• A)$1,000
• B)$2,000
• C)$2,350
• D)$6,100

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Definitions:

Rational Expectations

The hypothesis that individuals form forecasts about the future based on all available information in an unbiased and consistent manner.

Self-Correction Mechanism

The market's ability to adjust back to equilibrium without intervention, often used in the context of economic cycles.

Supply-Side Economists

Economists who advocate for policies that increase production as the best way to foster economic growth, emphasizing the role of supply in driving economic outcomes.

Tax Rates

The percentage at which an individual or corporation is taxed by the government on income or profits.