In the determination of disposable income, transfer payments are treated as if they
a. are the same as taxes.
b. did not exist.
c. are the opposite of taxes.
d. were a constant amount.
c
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When tax revenue exceed the government's outlays, the budget
A) has a deficit and the national debt is increasing. B) is balanced and the national debt is decreasing. C) has a surplus and the national debt is decreasing. D) has a surplus and the national debt is increasing. E) None of the above because by law tax revenue cannot exceed the government's expenditures.
Which of the following is not a member of the Federal Open Market Committee (FOMC)?
A) The entire board of governors B) Five reserve bank presidents C) The chairman of the SEC D) All of the above are members of the FOMC.
All else equal, two firms in a Chamberlin oligopoly will charge a ________ price than two firms in a Cournot oligopoly and earn ________ economic profit.
A) higher; less B) higher; more C) lower; more D) lower; less
The usual term of office of members of the Board of Governors is
a. 2 years. b. 5 years. c. 7 years. d. 14 years.