Personal income is equal to:
a. national income plus business profits.
b. disposable personal income minus personal taxes.
c. national income minus transfer payments.
d. national income plus welfare benefits minus corporate retained earnings.
e. disposable personal income plus transfer payments.
d
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Refer to Table 7-6. Which country has a comparative advantage in producing belts?
A) Estonia B) Morocco C) both countries D) neither country
Why is it possible that the economy will not self-correct out of a recessionary gap?
Assume the nation of Teeveeland does not trade with the rest of the world. By comparing the world price of televisions to the price of televisions in Teeveeland, we can determine whether
a. consumer surplus exceeds producer surplus in Teeveeland. b. Teeveeland has an absolute advantage in producing televisions. c. Teeveeland has a comparative advantage in producing televisions. d. All of the above are correct.
The old adage, "Don't put all your eggs in one basket," is very similar to a modern bit of advice concerning financial matters:
a. "Buy low-risk bonds.". b. "Use a medium of exchange.". c. "Diversify.". d. "Intermediate.".