Look at the following data: personal income = $4,900 billion; personal taxes = $900 billion; transfer payments = $980 billion. What is disposable income?
A) $3,200 billion
B) $4,000 billion
C) $4,980 billion
D) $1,880 billion
E) There is not enough information to answer the question.
B
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Provisions that cause changes in government spending and taxes that do not require action of the President or Congress are called
A) discretionary fiscal policy. B) automatic stabilizers. C) private stabilization effects. D) discretionary stabilizers.
How can comparative advantage yield gains from trade?
What will be an ideal response?
In what context does the use of real exchange rates make the most sense?
a. For determining if one nation's real GDP has increased faster than another nation's real GDP. b. For determining if one nation's nominal GDP has increased faster than another nation's nominal GDP. c. For calculating whether to purchase foreign or domestic stocks and bonds. d. For determining changes in a nation's relative international competitiveness. e. For calculating the cost of buying foreign goods and services.
The long-run market supply curve in a competitive market will
a. always be horizontal. b. be the portion of the MC that lies above the minimum of AVC for the marginal firm. c. typically be more elastic than the short-run supply curve. d. be above the competitive firm's efficient scale.