If personal income exceeds national income in a particular year, we can conclude that:
A. transfer payments exceeded the sum of Social Security contributions, corporate income
taxes, and taxes on production and imports.
B. the sum of Social Security contributions, corporate income taxes, and undistributed
corporate profits exceeded transfer payments.
C. consumption of fixed capital and taxes on production and imports exceeded personal
taxes.
D. transfer payments exceeded the sum of Social Security contributions, corporate income
taxes, and undistributed corporate profits.
D. transfer payments exceeded the sum of Social Security contributions, corporate income
taxes, and undistributed corporate profits.
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An increase in the labor force shifts the production possibilities frontier inwards over time
Indicate whether the statement is true or false
Which of the following is FALSE with respect to regulation?
A) Regulated firms commonly try to avoid the effects of regulation whenever they can. B) Firms engage in creative responses which conform to the letter of the law but undermine its spirit. C) Regulation has resulted in state laws that have made creative response illegal in many states. D) Recent regulations have generated feedback effects that undermined the key aim of the rules.