Aggregate income is a measure of:
A. income households have available to spend before paying personal taxes.
B. the market value of total output.
C. income households have available to spend after paying personal taxes.
D. household and business earnings from the sale of productive resources.
Answer: D
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Suppose that Rosie and Betty spend their free time making cakes and cookies
Is it possible for Betty to have an absolute advantage in the production of both cakes and cookies? Is it possible for Betty to have a comparative advantage in the production of both cakes and cookies? Explain.
A narrow target zone exchange rate band (such as the EEC had until 1992 ) is most similar to
A) a flexible exchange rate system. B) a single currency. C) a fixed exchange rate system. D) an undervalued currency. E) a managed floating exchange rate.
Which of the following would not cause the demand curve for college football tickets to shift?
a. an increase in the price of professional football tickets b. a decrease in the price of college basketball tickets c. an increase in the price of college football tickets d. a drop in student incomes e. an increase in student preferences for college football tickets
Money is
a. only assets such as gold and silver b. only fiat in nature c. anything that is generally accepted as a means of payment d. acceptable as a means of payment because the government guarantees that it must be e. only those things backed by gold