We go from personal income to personal disposable income by
A) subtracting undistributed profits.
B) adding transfer payments.
C) subtracting personal income taxes.
D) subtracting depreciation.
E) subtracting personal saving.
C
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If labor productivities were exactly proportional to wage levels internationally, this would
A) not negate the logical basis for trade in the Ricardian model. B) render the Ricardian model theoretically correct but practically useless. C) negate the logical basis for trade in the Ricardian model. D) negate the applicability of the Ricardian model if the number of products were greater than the number of trading partners. E) demonstrate the validity of the Ricardian model.
In general, the faster inflationary expectations adjust, the: a. less macro policy can influence unemployment
b. better discretionary policy can be expected to work. c. slower the adjustment of the short-run Phillips curve. d. stronger the case for active policy. e. more effectively a policy can influence unemployment.
The supply curve reflects the:
a. inverse relationship between price and quantity offered. b. positive relationship between demand and supply. c. negative relationship between price and quantity bought. d. positive relationship between price and quantity bought. e. positive relationship between price and quantity offered.
Which of the following will lead to an outward shift in the firm's short-run demand for labor?
A) an increase in the price of output B) less capital per unit of labor C) a decline in labor productivity D) a reduction in average consumer income