Refer to Table 19-31. The table above represents hypothetical data from the National Income Accounts for 2015. Use the data to calculate personal income and disposable personal income
What will be an ideal response?
Personal Income = National income - Retained earnings + Transfer payments + Interest on government bonds.
Substituting the table values:
Personal Income = $7,400 - 480 + 1,000 + 450
= $8,370 billion.
Disposable personal income = Personal Income - Personal Taxes
= $8,370 - 1,100 = $7,270 billion.
You might also like to view...
U.S. official reserves are
A) equal to the balance on the capital and financial account. B) equal to the value of U.S. government debt in the hands of foreigners. C) equal to the government's holding of gold. D) equal to the value of the government's oil reserves. E) the government's holding of foreign currency.
If the price of one input changes, the firm will change its use of that input only.
Answer the following statement true (T) or false (F)
Which of the following is not an example of a demand shock?
a. A reduction in government spending b. An increase in income tax rates c. A change in oil prices. d. A money supply increase. e. An increase in government spending.
If a natural monopolist is unregulated, then
A) the monopoly will produce efficiently from society's point of view. B) the monopoly will produce inefficiently from society's point of view. C) the monopolist will be earning just a normal rate of return on investment. D) the monopolist will determine the profit maximizing quantity by equating marginal cost to the demand curve.