National income, plus income received but not earned, minus income earned but not received, is
a. personal income
b. personal disposable income
c. pre-tax profit
d. net national product
e. capital depreciation
A
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The consumption function will shift with
A) a decrease in real disposable income. B) a change in saving. C) a change in household wealth. D) an increase in real disposable income.
The Affordable Care Act is intended to reduce the price of health care. A decrease in the price of health care may
A) increase the number of doctors office visits if office visits are considered an inferior good and the substitution effect dominates the income effect. B) decrease the number of doctors office visits if office visits are considered an inferior good and the substitution effect dominates the income effect. C) increase the number of doctors office visits if office visits are a normal good. D) Both A and C.