Elmore Receives a Rental Property as an Inheritance from His

question 81

Essay

Elmore receives a rental property as an inheritance from his grandmother.The rental is worth $500,000 and Elmore collected rental income of $24,000 during the year.
For the year,how much is Elmore's gross income as a result of the inheritance?

---

Definitions:

Scarce Resources

Fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, leading to the necessity of allocation decisions.

Individual

A single human being apart from a society or community, often considered as an independent entity in economic theories.

Unskilled Labor

Labor that requires no specialized skills, education, or training, and typically involves simple tasks that can be easily learned on the job.

Market Wage

The prevailing rate of pay for labor in a particular industry or occupation, determined by the supply and demand for labor in that market.