The income that includes a household's earnings in addition to cash transfers from the government is called
A) market income.
B) real income.
C) money income.
D) cash income.
C
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The golden rule of profit maximization states that firms maximize profit by producing at the rate of output at which price equals average total cost
a. True b. False
When a country follows an inward-oriented strategy, it tends to produce:
a. only tertiary goods. b. goods in which it has an absolute advantage. c. only labor-intensive goods. d. goods for which no export barriers exist. e. goods that replace foreign manufactured products.
When the government reduces its restrictions on immigration,
a. the prices of goods rise because the demand for goods increases b. immigration is reduced c. labor mobility is reduced d. wage differentials become narrower e. all workers are better off
Price ceilings set a legal maximum price on a product or commodity
a. True b. False Indicate whether the statement is true or false