Which of the following would be considered part of income?
A. Wages and salaries
B. The value of a house
C. Corporate stock holdings
D. Money in a bank account
A. Wages and salaries
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Estate and gift taxes account for a very small portion of total tax revenues collected by the federal government because taxes are levied only on large estates
Indicate whether the statement is true or false
If net taxes decrease, which of the following would occur?
a. Disposable income decreases, consumption at any income level increases, and the consumption-income line shifts upward. b. Disposable income increases, consumption at any income level increases, and the consumption-income line shifts downward. c. Disposable income increases, consumption at any income level increases, and the consumption-income line shifts upward. d. Disposable income decreases, consumption at any income level decreases, and the consumption-income line shifts downward. e. Disposable income increases, consumption at any income level decreases, and the consumption-income line shifts downward.
Which of the following is correct?
a. In unionized industries, wages are above the level that would prevail in competitive markets. b. The introduction of a union in some industry reduces the quantity of labor demanded in that industry, causes some workers in that industry to be unemployed, and reduces wages in the rest of the economy. c. Critics argue that the allocation of labor resulting from unions is both inefficient and inequitable. d. All of the above are correct.
Between the first quarter of 2000 and the first quarter of 2006, the value of housing wealth
A. increased by about $13 trillion per quarter. B. decreased by about $7 trillion per quarter. C. increased by about $500 billion per quarter. D. decreased by about $600 billion per quarter.