Income received minus personal taxes is called:
a. national income.
b. personal income.
c. disposable personal income.
d. transfer payments.
e. net national product.
c
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The "no shirking constraint" (NSC) curve never crosses the supply of labor curve, so
A) the market never reaches equilibrium. B) there is always full employment in equilibrium. C) there is always some unemployment in equilibrium. D) the efficiency wage is always lower than the market-clearing wage. E) the gap between the NSC curve and the supply of labor curve equals the difference between the efficiency wage and the market-clearing wage.
If society is producing a combination of goods on its production possibilities frontier
a. it must be employing all available resources. b. it must be growing. c. it is using all the available natural resources but may not be using all available labor resources. d. Both a and b.