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41) Personal income is

A) the sum of all incomes received by households on welfare.

B) the income households have after paying federal taxes.

C) the sum of all incomes received by households.

D) the sum of all incomes earned by sole proprietorships and partnerships.

42) Which of the following would NOT be a part of personal income?

A) indirect business taxes

B) payments received from Social Security

C) retirement checks

D) corporate dividend payments to shareholders

43) The amount of income that households actually receive before they pay personal income taxes defines

A) national income (NI).

B) personal income (PI).

C) disposable personal income (DPI).

D) net domestic product (NDP).

44) Using the above table, the GDP is (in billions of dollars)

A) 10,200.

B) 8,200.

C) 8,900.

D) 9,500.

45) Using the above table, the net domestic product is (in billions of dollars)

A) 8,000.

B) 9,700.

C) 8,300.

D) 6,500.

46) Using the above table, the national income is (in billions of dollars)

A) 8,950.

B) 7,250.

C) 6,850.

D) 8,050.

47) GDP minus depreciation equals

A) national income.

B) aggregate spending.

C) personal income.

D) net domestic product.

48) Which one of the following accounting identities is true?

A) Disposable personal income plus indirect business taxes equals personal income.

B) Disposable personal income plus non-income expense items equals personal income.

C) Disposable personal income plus personal income taxes equals personal income.

D) National income plus profit equals personal income.

49) Social Security payments received by your grandmother

A) are excluded from GDP, but are included in personal income.

B) are included in both GDP and personal income.

C) are included in GDP , but are excluded from personal income.

D) are excluded in both GDP and personal income.

50) National income is

A) the total of factor payments to owners of resources.

B) the dollar value of all final goods and services produced in a country in a year.

C) the amount of monetary payments households actually receive before paying personal income taxes.

D) the amount of monetary payments households actually receive after paying personal income taxes.

 

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