To calculate personal savings, you would need information on all of the following except:
a. personal disposable income.
b. personal consumption expenditures.
c. interest paid to business.
d. government expenditure.
e. personal transfer payments to foreigners.
D
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Negative values of the price elasticity of demand of a good can be attributed to:
A) the Law of Demand. B) the Law of Supply. C) the Law of Increasing Marginal Utility. D) the Law of Diminishing Marginal Rate of Substitution.
Suppose a firm has market power and faces a downward sloping demand curve for its product, and its marginal cost curve is upward sloping. If the firm reduces its price, then:
A) consumer and producer surplus must increase. B) consumer surplus increases, producer surplus may increase or decrease. C) consumer surplus increases, producer surplus must decline. D) consumer and producer surplus must decline.