In 2017 about 28% of personal income in the United States came from
A. property income.
B. profits.
C. transfer payments.
D. wages and salaries.
Answer: A
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The argument that purchases of minivans cause large families is an example of
a. omitted variables. b. normative statements. c. reverse causality. d. bias.
Which of the following assumptions best explains how people make decisions, according to economists?
a. People make the best choice they can because they do not want to make themselves worse off. b. Money incentives matter the most because no matter how much people have they want more. c. Few people are systematic about decision making, and many disregard their own values. d. Individuals consider past experiences but fail to evaluate expected future circumstances.
The opportunity cost of the chosen item or activity is the value of the best alternative you must pass up.
a) false b) True
What are the four functions of money? Can something be considered money if it does not fulfill all four functions?
What will be an ideal response?