If there are no statistical discrepancies, NDP (net domestic product) is: a) NI minus net foreign factor income. b) NI plus corporate income taxes. c) GDP minus taxes on production and imports. d) GDP deflated for increases in the price level.

Which of the following is true concerning the 5/5 lapse rule? a) the 5/5 lapse rule deems that a taxable gift has been made where a power to withdraw in excess of $5,000 or five percent of the trust assets is lapsed by the powerholder. b) the 5/5 lapse rule only comes into play with a single beneficiary trust. c) amounts that lapse under the 5/5 lapse rule qualify for the annual exclusion. d) gifts over the 5/5 lapse rule do not have to be disclosed on a gift tax return.