Canfield Is Single, 70 Years Old, and Has No Dependents

question 96

Multiple Choice

Canfield is single, 70 years old, and has no dependents. Canfield will not have to file a tax return in 2018 if:
I.his gross income does not exceed $12,000.
II.his only income is $300 of self-employment income.
​

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Implicit Costs

The opportunity costs of utilizing resources owned by the firm that could have been employed for other purposes.

Explicit Costs

Direct, out-of-pocket payments for resources employed in the production of goods or services, easily identified and measured.

Capital Intensive

A description of industries or businesses that require large amounts of capital investment compared to labor.

Alternative Technologies

Various methods or means of producing goods or services that differ from current practices, often to improve efficiency or sustainability.