Disposable personal income equals personal income
A) minus personal tax payments plus government transfer payments.
B) plus government transfer payments.
C) minus personal tax payments.
D) minus government transfer payments plus personal tax payments.
C
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It is possible for a market for a good to experience a surplus and a shortage at the same time
Indicate whether the statement is true or false
The return to schooling for society is higher than the return to schooling for the individual if
a. the concept of diminishing returns applies to education. b. the concept of constant returns to scale applies to education. c. human capital conveys positive externalities. d. investment in human capital involves no opportunity costs.
If an increase in the price of good X leads to a decrease in the demand for good Y, then:
A. good X and good Y are substitutes. B. good X and good Y are normal goods. C. good X and good Y are complements. D. good X is a normal good and good Y is an inferior good.
The demand curve faced by a pure monopolist
A) is the same as its marginal revenue curve. B) is perfectly inelastic. C) lies below the marginal revenue curve. D) is the market demand curve.