What are the differences between national income, personal income, and disposable personal income?
What will be an ideal response?
National income is the total income received by a country's residents. Personal income, which is income actually received by households, is national income minus corporations' retained earnings, plus government transfer payments and the interest on government bonds paid to households. Disposable personal income, which represents the income available for households to spend, is personal income less personal tax payments, such as the federal personal income tax.
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The inflation rate is the
A) difference between the current period CPI and the base period CPI. B) percentage change in the composition of the CPI market basket from the base year to the next year. C) difference in the price level from one year to the next multiplied by 100. D) difference between the base period CPI and the current period CPI. E) percentage change in the CPI from one year to the next year.
Refer to above figure. What happens to the Consumer Surplus of Hungarian customers as a result of this subsidy?
What will be an ideal response?
What types of government policies can increase long-run living standards?
What will be an ideal response?
Which factor of production includes crude oil deposits?
A. physical capital B. land C. human capital D. entrepreneurship