Suppose net domestic product is $4.8 million, government and business transfer payments are $0.7 million, indirect business taxes are $0.4 million, and personal income taxes are $0.8 million. Then, national income equals
A) $2.9 million.
B) $3.6 million.
C) $4.4 million.
D) $5.1 million.
82) The difference between personal income and disposable personal income is
A) disposable personal income includes only the funds available to spend on non-necessities.
B) personal income taxes are not included in disposable personal income.
C) personal income includes personal income taxes and indirect business taxes, which are not included in disposable personal income.
D) personal income does not include transfer payments such as social security payments or welfare payments and disposable personal income includes them.
83) The amount of income received by households prior to the payment of personal income taxes is called
A) disposable wages.
B) personal income.
C) national income.
D) net domestic product.
84) National income is $500, corporate taxes are $20, social security contributions are $60, retained earnings are $10, personal taxes are $100, and transfer payments are $80. Disposable income is
85) When economists discuss the nominal value of an economic variable, the variable is
A) expressed in current dollars.
B) expressed as an index figure.
C) adjusted for a changing price level.
D) expressed as a percentage.
86) The difference between nominal and real values is that real values take into account
B) changes in the composition of output.
C) changes in prices between years.
D) the presence of durable goods.
87) Adjusting nominal GDP for price changes from a base year yields
A) current GDP.
B) real GDP.
C) constant disposable income.
D) GDP net of relative price changes.
88) Constant dollar GDP
A) is the same as nominal GDP.
B) is nominal GDP adjusted for price changes from the base year.
C) is more than constant dollar NDP.
D) all of these.
89) If GDP and other national income accounts are expressed in nominal values, then they
A) are measured in real values.
B) are measured in market prices at which goods actually sold.
C) are measured in constant prices instead of actual market prices.
D) are readily comparable to GDP figures for other years.
90) If deflation is occurring and nominal GDP is increasing over time, then real GDP is
B) increasing at the same rate as nominal GDP.
C) increasing more slowly than nominal GDP.
D) increasing faster than nominal GDP.
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