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?
Personal Income = National income - Retained earnings + Transfer payments + Interest on government bonds.
Substituting the table values:
Personal Income = $7,400 - 480 + 1,000 + 450
= $8,370 billion.
Disposable personal income = Personal Income - Personal Taxes
= $8,370 - 1,100 = $7,270 billion.
Economics
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