For Purposes of the Dependency Exemption Qualification,the Test for Qualifying

question 50

True/False

For purposes of the dependency exemption qualification,the test for qualifying children includes an age restriction but the test for qualifying relative does not.

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Definitions:

Average Total Cost

The total cost of production (fixed and variable costs) divided by the total quantity of output produced.

Marginal Cost

The additional cost incurred in the production of one extra unit of a good or service.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced; these costs decline as production increases.

Marginal Cost

The financial cost of producing an extra unit of a good or service.