Which of the following describes the relationship among income, disposable income, taxes, and transfer payments?
a. Taxes plus transfers equal income plus disposable income
b. Disposable income equals income divided by the sum of taxes and transfers
c. Disposable income equals income minus taxes plus transfers
d. Disposable income equals income plus taxes plus transfers
e. Taxes plus transfers equal disposable income minus income
C
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If instead the government set the abatement standard at 50 million tons per year, would that standard be too lenient or too restrictive at the national level? Support your answer with specific values.
Hypothetically, suppose a recent study of hazardous waste abatement (A) arrives at the following national estimates for abating chemical solvents: MSB = 100 – 0.75A and MSC = 20 + 0.50A, where A is measured in millions of tons per year, and costs are measured in millions of dollars.
A poor person in the United States has ________.
A. a higher per capita real income than the average poor person in the world B. a lower per capita real income than the average poor person in the world C. the same per capita real income as the average poor person in the world D. the same per capita real income as the average poor person in the world, but has a lower standard of living
A decrease in the price of gasoline shifts the demand for auto batteries to the
A. left, because gasoline and auto batteries are substitutes. B. left, because gasoline and auto batteries are normally used together. C. right, because gasoline and auto batteries are substitutes. D. right, because gasoline and auto batteries are normally used together.
What did Steckel (1986) find when he compared the slave population to today's white population?
(a) The mortality rates of the slaves were much higher than those of modern whites. (b) Prenatal and postnatal care was the same. (c) The number of pregnancies brought to term in each group was about the same. (d) All of the above.