Income received but not earned is
a. national income
b. personal income
c. personal disposable income
d. indirect business taxes
e. transfer payments
E
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Refer to Exhibit 11-4. If a person’s taxable income is $30,000, how much does he pay in taxes?
A. $4,850 B. $1,400 C. $3,900 D. $4,345
Assume an electric company has spent $3 billion on a nuclear power plant. It's producing at a price per kilowatt hour that is above its average variable cost. However, after 10 years the price remains below average total cost
If there is no expectation that price will equal or rise above the average total cost what would you expect this company to do with its nuclear power plant? Why is the $3 billion not part of the decision? Explain.
In order for a taxicab to be operated in New York City, it must have a medallion on its hood. Medallions are expensive, but can be resold, and are therefore an example of
A) a fixed cost. B) a variable cost. C) an implicit cost. D) an opportunity cost. E) a sunk cost.
Suppose that in 2012 ABC Corp. produced 500 million units of a good at an average cost of $2, and in 2013 ABC Corp. expanded its plant capacity and produced 600 million units at an average cost of $1.80. In this range, one can conclude that ABC Corp. is experiencing:
A. economies of scale. B. diseconomies of scale. C. neither economies of scale nor diseconomies of scale. D. diminishing marginal product.