Income received minus personal taxes is called:
a. national income.
b. personal income.
c. disposable personal income.
d. transfer payments.
e. net national product.
c
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In the mid 1980s, the massive current account deficits were related to massive U.S. government budget deficits
Indicate whether the statement is true or false
Deposit creation occurs when
A. A bank lends money. B. A person takes money out of one bank and puts it in another bank. C. A person takes money out of the banking system and holds it as cash. D. A bank borrows dollars from the Federal Reserve.
Tom is an organic gardener. For several years, he produced only for his own consumption. Last year, he sold his vegetables at a farmer's market. This year, he sold all of his vegetables to a company producing organic vegetable soup. When is the value of Tom's vegetables included in GDP? a. None of his production is included in GDP, since it is considered home production
b. Only when he sells his vegetable at the farmer's market. c. Only when he sells his vegetables to the organic soup company. d. When he sells his vegetables at the farmer's market and when he sells the vegetables to the organic soup company.
A perfectly inelastic demand would imply what kind of demand curve?
A. vertical B. horizontal C. downward sloping D. upward sloping