Refer to the Accompanying Data (All ?Gures in Billions of

question 201

Multiple Choice

$$\begin{array} { | l | c | } \hline \text { Personal Taxes } & \$ 40 \\\hline \text { Social Security Contributions } & 15 \\\hline \text { Taxes on Production and Imports } & 20 \\\hline \text { Corporate Income Taxes } & 40 \\\hline \text { Transfer Payments } & 22 \\\hline \text { U.S. Exports } & 24 \\\hline \text { Undistributed Corporate Profits } & 35 \\\hline \text { Government Purchases } & 90 \\\hline \text { Gross Private Domestic Investment } & 75 \\\hline \text { U.S. Imports } & 22 \\\hline \text { Personal Consumption Expenditures } & 250 \\\hline \text { Consumption of Fixed Capital (depreciation) } & 25 \\\hline \text { Net Foreign Factor Income } & 10 \\\hline \text { Statistical Discrepancy } & 0 \\\hline\end{array}$$ Refer to the accompanying data (all ?gures in billions of dollars) . GDP is

• A) $390.
• B) $417.
• C) $422.
• D) $492.

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Definitions:

Pay Package

The total compensation, including salary, benefits, bonuses, and any other financial rewards, offered to an employee by an employer.

Labor Union

An organization that acts on behalf of all employees in negotiations with the employer regarding terms of their employment.

Wagner Act

Also known as the National Labor Relations Act of 1935, it established the right of workers to form unions and engage in collective bargaining.

Taft-Hartley Act

A U.S. federal legislation from 1947 that limits the power and actions of trade unions.