1. Which of the following is NOT demonstrated by a production possibility curve?
ID: 2665174 • Letter: 1
Question
1. Which of the following is NOT demonstrated by a production possibility curve?a) Scarcity
b) opportunity cost
c) necessity for choice due to scarcity
d) price
10. If a tax return was never filed, what is the statute of limitations for the IRS to assess tax against the taxpayer?
a) 3 years from the due date of the return
b) 6 years from the date the tax was paid
c) 7 years from the due date of the return, or the date the tax was paid, whichever is later
d) There is no statute of limitations
2. Kevin, age 19, is a full-time student at the central college and is a candidate for the bachelor’s degree. What is kelvins adjusted gross income for the year? During the tax year, he received the following amounts
Scholarship used for tuition and books $2,400
Loan from college financial aid office $1,000
Cash support from parents $2,000
Cash dividends $500
Cash prize awarded in contest $300
A) $500
b) $800
c) $3,200
d) $6,200
Explanation / Answer
1. d) price 2. d) There is no statute of limitations 3. b) $800
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