The Economics of Gifts and Giving: Checkpoint 1

Quick checkpoint - five questions on the economics of gifts and giving.

Question 1 of 5 Who argued gifts create obligations to give, receive and reciprocate?

Keynes Marcel Mauss Waldfogel Adam Smith

An anthropologist.

Question 2 of 5 What did Waldfogel's study suggest about gifts?

They are free They are taxed They are always worth more Recipients value them less than the price paid

About 10-33% less.

Question 3 of 5 Which Act prohibits dowry in India?

FEMA GST Act Companies Act Dowry Prohibition Act, 1961

It remains a problem.

Question 4 of 5 Above what yearly amount are gifts from non-relatives taxable?

No limit ₹50,000 ₹500 ₹5 crore

Wedding gifts are exempt.

Question 5 of 5 What is 'breakage' in gift cards?

A broken card A discount A fee Unused value that is never redeemed

It benefits sellers.

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