Disposable personal income is
a. the total income earned by a nation's permanent residents.
b. the total income earned by a nation's residents in the production of goods and services.
c. the income that households and non-corporate businesses receive.
d. the income that households and businesses have remaining after satisfying their obligations to the government.
d
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Which of the following theorems predicts that trade benefits the abundant factors of a country and harms the scarce factors?
A) The Stolper-Samuelson theorem. B) The Rybczynski theorem. C) The Heckscher-Ohlin theorem. D) None of the above.
Suppose two economies, the United States and Saudi Arabia, each have a GDP of $1,000 . A U.S. war effort involves the purchase of $100 of Saudi oil, which is financed by selling $100 worth of U.S. government bonds to Saudi Arabia. In subsequent years, GDP remains at $1,000 for each country and the United States imposes a $10 tax to make its debt payments to the Saudis. Now while the United States
is still debt obligated, a. U.S. consumption is $1,000 and Saudi consumption is $1,000 b. U.S. consumption is $990 and Saudi consumption is $990 c. U.S. consumption is $1,010 and Saudi consumption is $990 d. U.S. consumption is $1,000 and Saudi consumption is $1,010 e. U.S. consumption is $990 and Saudi consumption is $1,010
Each of the following is a provision of the 1996 welfare reform law except that
A. the federal guarantee of cash assistance for poor children is ended. B. the head of every welfare family would have to work within 2 years or the family would lose benefits. C. after receiving welfare for two months adults must find jobs or perform community service. D. women who have more children while on welfare will have their benefits reduced.
In the market for a given product, when a price floor is set above the equilibrium price the result will be
A) more exchanges made in the market. B) an increase in the supply of the product. C) a decrease in the demand for the product. D) a deadweight loss.