The amount of income that households actually receive before they pay personal income taxes defines
A. disposable personal income (DPI).
B. national income (NI).
C. personal income (PI).
D. net domestic product (NDP).
Answer: C
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In the two-period model with asymmetric information, the presence of bad borrowers who always default
A) makes good borrowers better off. B) matters only for the loan interest rate faced by bad borrowers. C) affects the equilibrium profits of banks. D) affects good borrowers adversely.
A fall in the price level will: a. cause an upward movement upward along the aggregate demand curve. b. cause a downward movement along the aggregate demand curve
c. cause a leftward shift of the aggregate demand curve. d. cause a rightward shift of the aggregate demand curve. e. have no impact on the aggregate demand curve.
Money has replaced the need to barter, which is:
A. a certain amount of purchasing power that it retains over time. B. something you can use to purchase goods and services. C. something you can directly offer, like any good or service, in exchange for some good or service you want. D. a standard unit of comparison.
Other things constant, when the work opportunities in an occupation are unstable (that is, layoffs are common), the hourly wages of workers in the occupation will tend to be
a. higher than the wages of workers with otherwise similar jobs. b. lower than the wages of workers with otherwise similar jobs. c. below market equilibrium. d. above market equilibrium.