Matching Regarding Classification as a Dependent, Classify Each Statement in One

question 52

Multiple Choice

Matching
Regarding classification as a dependent, classify each statement in one of the four categories:
-A nephew who lives with taxpayer.

• A)Could be a qualifying child.
• B)Could be a qualifying relative.
• C)Could be either a qualifying child or a qualifying relative.
• D)Could be neither a qualifying child nor a qualifying relative.

---

Definitions:

Price Ceilings

A legal maximum price that can be charged for a good or service, intended to protect consumers from prices that are deemed excessively high.

Equilibrium Price

Equilibrium Price is the market price at which the quantity of goods supplied equals the quantity of goods demanded.

Shortage

A scenario in which the need for a product or service surpasses the amount available at a particular price.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a specified period of time.