Disposable income equals
A) income minus saving.
B) income minus both saving and taxes.
C) consumption minus taxes.
D) the sum of consumption and saving.
E) none of the above
D
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Some economies have production possibilities frontiers that are bowed inward toward the origin.
Answer the following statement true (T) or false (F)
An increase in the equilibrium price and a decrease in the equilibrium quantity can be the result of
A) a decrease in demand. B) an increase in supply. C) a decrease in supply. D) an increase in demand. E) None of the above.
Many economists thought the Fed should have lowered the federal funds rate less aggressively in late 2007 and throughout 2008
a. True b. False
If government has no debt initially but then has annual revenues of $1.5 billion for 10 years and annual expenditures of $1.6 billion for 10 years, then the government has a:
A. deficit of $100 million and a debt of $1 billion per year. B. deficit of $100 million per year and a debt of $1 billion. C. surplus of $100 million per year and a debt of $1 billion. D. surplus of $100 million and a debt of $1 billion per year.