Table 12-31 -Refer to Table 12-31

question 228

Essay

Table 12-31
$\begin{array}{|l|c|} \hline & \text { Billions of Dollars } \\\hline \text { National income } & \$ 11,200 \\\hline \text { Retained earnings } & 560 \\\hline \text { Depreciation } & 700 \\\hline \text { Interest on government bonds } & 300 \\\hline \text { Transfer payments } & 2,200 \\\hline \text { Personal taxes } & 1,400\\\hline\end{array}$
-Refer to Table 12-31.The table above represents hypothetical data from the National Income Accounts for 2017.Use the data to calculate personal income and disposable income.

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Definitions:

Government Antitrust

Regulatory actions and laws implemented by the government to promote competition and prevent monopolies and other practices that restrain trade.

Price Setting

The process by which a company decides on the selling price of its products or services.

Identical Products

Goods that are exactly the same in every feature and aspect, making them perfect substitutes for one another.

Economic Profits

Total revenues minus total costs, where total costs include both explicit and implicit costs.