Personal income is equal to:
a. NI minus personal income tax.
b. NI minus net factor income from abroad.
c. NI plus income currently earned but not received - income currently received but not earned.
d. NI minus indirect business taxes.
e. NI plus income currently received but not earned - income currently earned but not received.
e
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In the long run, a firm has
A) no factors of production that are fixed. B) no factors of production that are variable. C) no factors of production that are either fixed or variable. D) fixed factors of production but no variable resources.
The largest percentage of federal income tax revenue in the United States is paid by the
A) middle income taxpayers. B) highest income taxpayers. C) lowest income taxpayers. D) All groups of taxpayers—low income, high income and middle income—pay the same percent of federal income taxes.
If disposable income falls by $50 billion and consumption falls by $40 billion, then the slope of the consumption function is
A) 1.20. B) 0.80. C) 0.70. D) 0.10.
Which of the following will help address structural stagnation problems?
A. Expansionary macro policy B. An increase in workers' reservation wages C. A decrease in workers' reservation wages D. Contractionary macro policy