To get personal income from national income, one must:
A. subtract out retained earnings, Social Security taxes, and transfer payments, and add in corporate business taxes.
B. subtract corporate profits and Social Security taxes, and add in transfer payments and other income.
C. subtract retained earnings, corporate business taxes, and transfer payments, and add in Social Security taxes.
D. subtract out corporate business taxes, Social Security taxes and transfer payments, and add in retained earnings.
Answer: B
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An example of an industry that is an oligopoly would be
a. medical doctors b. auto manufacturing c. landscaping d. restaurants
If a firm wished to maximize total revenues it should produce where
a. marginal cost is zero. b. marginal revenue is zero. c. marginal revenue is equal to marginal cost. d. marginal revenue is equal to price.