Yang converted her personal residence to rental property ten years ago. at the time of conversion, the fair market value of the house was $60,000. after taking depreciation deductions of $12,000, yang sells the house for $68,000. if yang paid $50,000 for the house, her adjusted basis in the house is: a. $30,000.b. $38,000.c. $48,000.d. $50,000.e. $60,000.

Economic models a. are constructed to mirror reality as closely as possible, and in this respect economic models are no different from other scientific models. b. are constructed to mirror reality as closely as possible, and in this respect economic models are very different from other scientific models. c. are simplifications of reality, and in this respect economic models are no different from other scientific models. d. are simplifications of reality, and in this respect economic models are very different from other scientific models.