Real income is ________
A) equal to money income minus taxes
B) equal to the income earned legally
C) equal to money income plus benefits minus taxes
D) the maximum amount of goods and services that a household can afford
D
Economics
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The marginal propensity to save (MPS) is the
A) fraction of additional income that is saved. B) amount of saving that is later consumed. C) total amount of income that is saved. D) part of consumption spending that does not depend on income.
Economics
Economic decision making recognizes that
A) all choices have benefits and costs. B) benefits are largely free while costs are not. C) costs are controllable but benefits are not measurable. D) prices do not reflect all information known to managers. E) resources and wants are limited.
Economics