Which of the following is the best definition of what economists define as total income?
A) payment for labor services
B) payment for labor services and for ownership of other factors of production
C) payment for labor services, for use of other factors of production, and gifts and government transfers
D) inheritance
Answer: C
Economics
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Refer to Table 8-31. The table above represents hypothetical data from the National Income Accounts for 2015. Use the data to calculate personal income and disposable personal income
What will be an ideal response?
Economics
Everything else held constant, an increase in government spending will cause
A) aggregate demand to increase. B) aggregate demand to decrease. C) the quantity of aggregate demand to increase. D) the quantity of aggregate demand to decrease.
Economics