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21) Income received by the factors of production is called

A) gross domestic income.

B) disposable personal income.

C) personal income.

D) national income.

22) The income that individuals have after personal income taxes have been paid is called

A) gross domestic income.

B) disposable personal income.

C) personal income.

D) national income.

23) One key difference between national income and net domestic product is

A) net domestic product does not include income earned by the factors of production while national income does.

B) net domestic product represents income that is available to individuals while national income does not.

C) net domestic product includes indirect business taxes and transfers while national income does not.

D) net domestic product only includes the net additions to the economy's stock of capital while national income does not.

24) Individuals receive income and pay taxes over the course of a year.  The difference between the income they receive and the taxes they pay is referred to as

A) net national income.

B) net domestic product.

C) per capita real GDP.

D) disposable personal income.

25) The difference between personal income and disposable personal income is

A) disposable personal income is what is left after personal income taxes have been paid while personal income includes personal income taxes.

B) personal income is what is left after personal income taxes have been paid while disposable income includes personal income taxes.

C) personal income includes transfer payments while disposable personal income does not.

D) personal income includes indirect business taxes while disposable income does not.

26) Suppose gross domestic product is $5 billion, government transfer payments are $1 billion, indirect business taxes and transfers are $0.5 billion, and depreciation is $0.5 billion. Then national income equals

A) $5 billion.

B) $4 billion.

C) $3 billion.

D) $2.7 billion.

27) Which of the following will have the smallest dollar value?

A) Personal income.

B) Disposable personal income.

C) National income.

D) Net domestic product.

28) One difference between net domestic product and national income is that

A) net domestic product includes depreciation.

B) national income includes government and business transfer payments.

C) net domestic product includes indirect business taxes and transfers.

D) net domestic product doesn't include Social Security taxes or corporate retained earnings.

29) An increase in Social Security contributions will make

A) net domestic product smaller.

B) national income larger.

C) national income smaller.

D) personal income smaller.

30) Personal income taxes are the difference between

A) national income and personal income.

B) personal income and disposable personal income.

C) national income and disposable personal income.

D) net domestic product and personal income.

 

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