Billy fell off a bar stool and hurt his back. as a result, he was unable to work for three months. he sued the bar owner and collected $100,000 for the physical injury and $50,000 for the loss of income. billy also collected $15,000 from an income replacement insurance policy he purchased. amber was away from work for three months following heart bypass surgery. amber collected $30,000 under an income replacement insurance policy purchased by her employer. are the amounts received by billy and amber treated the same under the tax law? explain.

1) u. s. real gdp is substantially higher today than it was 60 years ago. what does this tell us, and what does it not tell us, about the well-being of u. s. residents? what are the limitations of the gdp as a measure of economic well-being? given the limitations, why is gdp usually regarded as the best single measure of a society’s economic well-being? 2) what is an intermediate good? how does an intermediate good differ from a final good? explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of gdp, but the value of intermediate goods produced and not sold is included directly as part of gdp.

20. to add body to a hearty broth, you may use a. onions. b. pasta. c. cheese. d. water.

Which of the following describes a situation of scarcity? a. someone offers free advice about getting into college. b. someone distributes free bottles of water at the beach. c. a child charges friends for a ride on his new bike. d. a person lets the kids in the neighborhood use his pool.