QUESTION1 1 points / Saved Disposable personal in come: a. includes personal inc

Question

QUESTION1 1 points / Saved Disposable personal in come: a. includes personal income taxes. 0 b. is income spent for personal items such as homes and cars. c. excludes personal income taxes. d.excludes transfer payments. QUESTION 2 1 points / Saved Which of the following would not be included in the government consumption expenditures and gross investment (G) category of GDP? a. The payments made to Social Security recipients. b. The expenditures made to repair a highway. C. The spending for professors at state universities. d. The purchase of new china for White House functions

Explanation / Answer

1.)

Disposable personal income = Personal income - personal taxes

Hence, here right answer is : (C)

2)

Social security expenditure by the government is known as transfer payments. It is not included in GDP calculation.

Hence right answer is : (A)

3)

Durable, non durable and services are known as personal consumption.

Right answer is : (B)

4)

Household sector provides : land, labor , capital and entrepreneurship.

Hence, right answer is ( C)

5)

Personal consumption expenditure includes all goods and services bought by households.

Right answer is : (A)

6)

Illegal activities are counted in underground economy or black market. Hence, it is not included in GDP calculation.

Right answer is : (D)

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