Current income minus spending on current needs equals:
A. transfers.
B. wealth.
C. saving.
D. investment.
Answer: C
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The solvency of Social Security can be extended if
A. the trust fund invests in government bonds. B. the retirement age is reduced. C. the cap on taxable earnings is lowered. D. the tax rate is increased.
The number of US households with access to the Internet is growing rapidly. Compared to 50 years ago, one would predict that when considering a major purchase, people today will gather:
A. more information because the Internet has lowered the cost of gathering information. B. less information because the Internet has lowered the cost of gathering information. C. more information because the Internet has increased the cost of gathering information. D. less information because the Internet has increased the benefit of gathering information.
Real variables can only be affected by:
a. unperceived changes in the price level. b. expected changes in the price level. c. perceived changes in the price level. d. actual changes in the price level.
In the above figure, a movement from point B to point C represents
A) an increase in the quantity of money demanded. B) a decrease in the quantity of money demanded. C) a decrease in the demand for money that might be the result of an increase in real GDP. D) an increase in the demand for money that might be the result of a fall in the price level. E) an increase in the demand for money that might be the result of an increase in real GDP.