The unexpected gain or loss of income that a person experiences that is the difference between a person's regular and actual income in any year is known as
a. life-cycle income
b. relative income
c. investment income
d. permanent income
e. transitory income
E
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In the figure above, if the price falls from $8 to $7, demand is
A) elastic. B) inelastic. C) unit elastic. D) income elastic. E) perfectly elastic.
Which of the following purchases is included in personal consumption expenditures when determining gross domestic product?
A) purchase of a new house because of the arrival of a new baby B) purchase of a new office building C) vacation expenses for a spring trip to Fort Lauderdale D) purchases of jeans to add to a store's inventory
When a good ends up undersupplied, we can assume it is a:
A. common resource. B. private good. C. public good. D. transitory good.
During a severe recession, the government decides to lower its tax rates to give consumers relief, and allow them to pay less in taxes. This is an example of:
A. discretionary fiscal policy. B. an automatic stabilizer. C. contractionary fiscal policy. D. expansionary fiscal policy.