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31) 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

A) $510.

B) $450.

C) $410.

D) $390.

 

32) An increase in corporate income taxes would reduce

A) net domestic product.

B) gross domestic product.

C) national income.

D) personal income.

 

33) Suppose Social Security contributions rise by $1 billion while Social Security benefits also rise by $1 billion. Further, personal income taxes fall by $500 million. As a result,

A) both personal and disposable personal income should increase.

B) national income, personal income, and disposable income should increase.

C) disposable income should increase while personal income and national income are unchanged.

D) personal income, disposable personal income, and national income remain unchanged.

34) What is the difference between personal income and disposable personal income?

A) the amount of personal income taxes

B) indirect personal taxes and transfers

C) net U.S. income earned abroad

D) depreciation

 

35) Transfer payments are included in

A) gross domestic product.

B) net domestic product.

C) national income.

D) personal income.

 

 

 

36) Using the above table, the Gross Domestic Product (GDP) for the country is

A) 662.

B) 84.

C) 746.

D) 338.

37) Using the above table, the Net Domestic Product (NDP) for the country is

A) 662.

B) 84.

C) 328.

D) 338.

 

38) Using the above table, the National Income (NI) for the country is

A) 338.

B) 228.

C) 318.

D) 662.

 

39) Using the above table, the Personal Income (PI) for the country is

A) 84.

B) 228.

C) 155.

D) 301.

 

40) Using the above table, the Disposable Personal Income (DPI) for the country is

A) 78.

B) 220.

C) 147.

D) 293.

 

 

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