Differentiate between personal income and disposable personal income
Personal income measures the amount of income received by households before income taxes. Disposable personal income is the personal income available to individuals after taxes.
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If a game is a prisoners’ dilemma, neither player has dominant strategy.
Answer the following statement true (T) or false (F)
Current estimates of the marginal propensity to consume out of wealth are in the neighborhood of ________
A) three and one-half cents per dollar of wealth B) 45 cents per dollar of wealth C) 98 cents per dollar of wealth D) $4.87 per dollar of wealth
If an individual wins a multimillion dollar lottery and chooses to receive annual payments equaling the total prize, this person has a
A) relatively low discount rate. B) relatively high discount rate. C) discount rate of zero. D) It is impossible to tell.
A supply curve slopes upwards because
a. the higher the price the lower the quantity that the sellers are willing to supply b. the higher the price the higher the quantity that the sellers are willing to supply c. the quantity supplied in insensitive to price d. an increase in price brings the quantity sold down to zero