Look at the Following Data: Personal Income = $4,900 Billion;

question 8

Multiple Choice

Look at the following data: personal income = $4,900 billion; personal taxes = $900 billion; transfer payments = $980 billion.What is disposable income?

• A) $3,200 billion
• B) $4,000 billion
• C) $4,980 billion
• D) $1,880 billion
• E) There is not enough information to answer the question.

Recognize the effects of wage changes on labor supply and demand, including the substitution and income effects.

Examine the role of goods and services markets in contrast to labor markets.

Analyze factors influencing individual labor supply curves and the impact of changes in wages.

Understand the factor distribution of income and how it reflects on labor and capital.

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