Which of the following is included in personal income but not in national income?
A. Compensation for workers.
B. Proprietors' income.
C. Corporate profits.
D. Social Security payments.
Answer: D
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When money is used to purchase goods and services, it serves as a:
A. medium of exchange. B. double coincidence of wants. C. store of value. D. unit of account.
The cost disease of the service sector in recent years is the result of
a. market failure. b. government intervention. c. collective bargaining by unions. d. uneven productivity growth.
Mr. Anderson received a producer surplus of $1,000 when he sold his watch. If the market price of the watch was $3,000 . he was willing to sell the watch for _____
a. $4,000 b. $2,000 c. $1,000 d. $3,000
As the federal funds rate rises, the banks’ opportunity cost of holding excess reserves falls.
Answer the following statement true (T) or false (F)