Personal income is:
a. total income received by households before taxes.
b. the amount households have available for consumption, savings, and payment of personal taxes.
c. national income minus corporate profits and Social Security (FICA) plus transfer payments, and other income.
d. all of these.
d
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Economists use the term shocks to mean
A) unexpected government actions that affect the economy. B) typically unpredictable forces that have major impacts on the economy. C) sudden rises in oil prices. D) the business cycle.
Suppose the money supply is set to grow at 12%, real GDP grows at 4%, and the nominal interest rate on Aaa corporate bonds is 10%
Using the quantity theory of money and the Fisher equation, the expected real interest rate on Aaa corporate bonds should average A) -2%. B) 2%. C) 6%. D) 7%.
GDP per capita is one way to measure an economy's growth. China and India began to progress when they allowed private ownership, around ____. Since then, there has been steady, strong growth in these economies
a. 1960 b. 1970 c. 1980 d. 1990 e. 2000
Assume that coal is a normal good. If the price of coal increases and the quantity sold increases, which of the following is consistent with these observations?
What will be an ideal response?