Disposable income reflects
A) Income before taxes. B) Personal income after taxes.
C) Net income from business activity. D) None of the above.
Answer: B
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The supply of product X is elastic if
A. an 8% increase in price generates an 8% increase in quantity supplied. B. a 10% decrease in price does not affect quantity supplied. C. a 5% increase in price generates a 7% increase in quantity supplied. D. a 7% decrease in price generates a 5% decrease in quantity supplied.
Who among the following is a free rider?
a. Ernie listens to National Public Radio, but does not contribute to any fundraising efforts. b. Bert takes the commuter rail to work, but he purchases the discounted monthly passes rather than buying tickets each day. c. Grover sends his 5 children to a private school rather than to the public school in his neighborhood. d. Oscar goes to Elmo's house to watch a football game on the local television channel.
The largest component of the U.S. GDP is:
A. NX B. C C. I D. G
Refer to the above graph showing the market for a product. Which of the following could not explain the indicated increase in equilibrium price from P 1 to P 2?
An increase in consumer incomes An increase in production costs An increase in the price of a substitute product A decrease in the price of a complementary product