Your real disposable income is your real income after you have paid
A) consumption expenses. B) rent and food expenses.
C) net taxes. D) medical expenses.
C
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Mike wants to open his own repair shop, and is considering using his savings of $30,000 to get it started. He is currently earning 3 percent interest on his savings. His friend Bob calls him and asks to borrow $30,000 to start up a bagel shop; Bob offers to pay him 5 percent interest if he loans him the money. If Mike were to use the money to open his own repair shop, how can he accurately account for his costs?
A. Mike must consider the $900 in forgone interest on his savings as an explicit cost. B. Mike must consider the $1,500 in forgone interest from loaning the money to Bob as an implicit cost. C. Mike must consider the $1,500 in forgone interest from loaning the money to Bob as an explicit cost. D. Mike must consider the $900 in forgone interest on his savings as an implicit cost.
Hospitals announce that there are not enough nurses available to keep them fully staffed. Economically speaking, what does this announcement mean?
A. The market wage for nurses will eventually rise to the market clearing wage. B. There is currently a surplus of nurses in this market. C. The market will adjust very rapidly to correct this imbalance because anyone can be a nurse without any training. D. The market wage for trained nurses is currently above the equilibrium wage.
What is always TRUE about the short-run equilibrium position for a firm in perfect competition?
A) MR = MC = P = ATC = AR B) TR = TC C) MR = MC = P = AR D) MC = ATC
The key difference between classical and Keynesian macroeconomists is their differing beliefs about
A. the natural rate of unemployment. B. the speed at which prices adjust. C. the full-employment level of output. D. the slope of the aggregate demand curve.