How does the personal income measure differ from the disposable income measure?
What will be an ideal response?
Disposable income is spendable income after personal taxes have been subtracted from personal income.
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Total revenue will increase if price
A. rises and demand is elastic. B. rises and demand is unit elastic. C. falls and demand is inelastic. D. falls and demand is elastic.
"Taxes are what we pay for a civilized society." This statement was made by
A) Herbert Hoover. B) Franklin Roosevelt. C) Oliver Wendell Holmes. D) Adam Smith.
A monopoly which arises from significant economies of scale is referred to as a
A. natural monopoly. B. patent monopoly. C. strategic resource monopoly. D. monopolistic competitor.