Jill Is a 16-Year-Old Child Who Is Claimed as a Dependent

question 126

Multiple Choice

Jill is a 16-year-old child who is claimed as a dependent by her parents. Jill's only income is $1,400 from her bank savings account. What is the amount of Jill's standard deduction for 2016?

• A)$1,200
• B)$1,050
• C)$4,000
• D)$6,300
• E)None of the above

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Definitions:

Consumer Surplus

The discrepancy between what consumers are prepared and able to spend on a good or service and the actual amount they end up paying.

Price Falls

Situations where the market prices of goods or services decrease over time.

Surplus Increase

A scenario where the excess of supply over demand rises, indicating a larger availability of goods or services than there are consumers.

Consumer Surplus

The variance between the total sum consumers are ready and capable of paying for a product or service versus what they genuinely spend.